Post your PC specs and lets go from there

I think you best bet its on buying a mid-high end video card IF you have a sandry, ivy or haswell i5 or more, or a FX 43XX, 63XX 83XX, I would choose AMD because its better cost/performance card and it has Mantle tech(lets hope it turns out good), I would grab a used HD 7970 Ghz for 200$ or so, or go for a HD 7950 Boost(I own one and its great) for the same price if you dont wanna go second hand. Or wait for the R9 280x and 270x discount.

You will see great improvement over your current 5750 crossfire, and will probably last you 3 to 4 years on mid-high settings on 1080p with little AA. You can save the rest of the money wainting for PS4 to come down in price, more and better games or maybe go XBone route if you like.

4Bone needs $$ for online, and games are usually 10$ more expensive

If you like playing Fifa, Madden, GTA, Gran Turismo, God of War, Uncharted, Last of Us, COD/Battlefield with console friends, Metal Gear(My only reason to get a 4Bone), Final Fantasy, good JRPGs(hope they can make a come back). Get a PS4 no doubt on launch

If you like PC exclusives, online structure and none of the games above its your cup of tea, grab the graphics card and wait.

Wait two or three years and buy a new video card. We don't know how high the requirements will be when the truly next-gen games come out, and, just like the people that bought a 7800GT back in 2006 can't play any game now even on low(and that's since 2010), you won't be able to play any new game in a few years on low settings.

Simple. What do you prefer to play games on more? PC or console? If you can decide that then you have made your choice. Me personally, I have been a PC gamer for a long time, but I have had a change of heart and now I pefer to play games on consoles because I'm sick of mucking around on my PC and it's an expensive hobbie. With a console, what you see is what you get. It's kind of nice to not be able to constantly upgrade to get the absolute best, more time for gaming then always trying to have the highest performing rig.

Hope this helps. Try a pro's and con's list.

It depends on the rest of your build.

A 770 will dick on the PS4 for sure IF you don't get a bottle neck and have enough memory to support modern games. My guess is that you will have that problem as you have a ~4 year old build right? Also don't get a 770 - get the R280 as it is the same power, but much cheaper and mostly, all next gen games will be optimised for ATI so it will be good to stay with them.

i'd go for the ps4.

A) you said that's where your friends are
B) will it really kill you to play PC games only on high?  probably not.  your rig is seems good even if it isn't state of the art.

I think back in 2005-6 things were different. PS360 were powerhouses, GPU and CPU wise, top of the line GPUs were at best within the same performance, and CPUs(specially 360s) were at head of its time. Add the 8+ years lifespam when past consoles where usually 5 to years and that's the reason why a 7800 GT cant play Crysis 3 on medium to high on 720p(I'm pretty sure it will run it at low no problem)

But with PS4 and Xbone things are different, they have low-mid end GPUs, and low end CPUs, sure the lifespam will be great, but current high end GPUs and CPUs blow them out by a good margin. Add tech inside the next gen machines its pretty similar to PCs, so I think current GPUs will hold up well against next gen games.

You are kinda right. CPU wise those consoles weren't anything out of this world in 2006, since they are basically Atom-class CPUs with a higher clock speed. A 2005 Athlon 64 X2 4800+ would easily outperform, by a high margin, 360 and PS3 CPU's(maybe except the floating point performance of the Cell). GPU wise, the 360 was a beast, it even had features that would only come to PC on the next generation of graphics cards, while the PS3 wasn't anything spectacular(7600GT performance level).

Also, it's not just about power. The change from Shader Model 3.0 and DirectX9.0c simply made every new game unplayable on the 7800GT(not that it had the power to run those games even with a Shader Model update, the card is so outdated that even a low-end integrated Intel graphics can beat it). Like I said, a simple DirectX update will already make games unplayable down the road, so it's best to wait a few years after the new consoles release to buy a new GPU.

Well. Consoles aren't running Crysis 3 on high either.
The reason why a PC with a 7800GT can't pull it off is simple.
The PC version of Crysis 3 isnt gimped like the console versions, you have better textures, lighting, shadowing, higher poly models, you name it, that stuff ain't free on performance, even on the lowest settings Crysis 3 is doing more effects onscreen compared to the consoles.
Crysis 3 on max graphics on PC though could easily compete with next generation console games, easily.

If you take Crysis 1 as an example, you could play that on high with a 7800GT (Using the Direct X 9 trick for better lighting), with better foliage, lighting and other effects over the console version at a resolution higher than 720P.
Pretty much all the Call of Duty's will run fine on a PC that's equivalently equipped to a console at around the same graphics settings too.

Fact of the matter is, PC gamers growl at Developers when a multi-platform isn't graphically superior, thus pretty much every multiplatform on PC looks significantly better, that means you need better hardware.
Look at the praise Crysis and Battlefield 3 got on their launches for pushing PC hardware, Battlefield 3 might as well be half the game on console, again that kind of thing isn't free on performance.

Mantle might shake things up a bit more though, should be interesting to watch as PC games will have far less overhead.

I do concur that when the Xbox 360 and Playstation 3 launched, they could give a high-end PC a good run for it's money, but you also need to keep in mind that *just* before the consoles launched the PC was already an entire GPU generation ahead as the Geforce 8000 series launched.

Today, if you are happy to game at 720P@30fps, you could get away with playing most games on a 6+ year old Core 2 Quad and a $30 Radeon 6570, granted not max graphics but console equivalent.

Buy xbone one it has teh CLOUD! HA on a serious note if you are able to buy teh graphics card now and sav up on the ps4 , then get both. If you are on a budget go for ps4 as its cheaper and teh graphics of those games are awesome

I was recently thinking of this too. Seeing all those sales on 7950 for around $200 mark is making me tempted too. Then i start thinking about just getting the PS4 and call it a day. I gave up on the conundrum and slapped myself.

Green_sky you have already more than tripled the gaming budget of 2013 compared to last year. You just got Wii U months ago and now you are thinking of more hardware. Do you know the definition of Nsanity?