Console gaming is cheaper in the long run even though PC games are far cheaper. Don't have to keep an upgrading components constantly as games are built for the console and not a general component. Also, alot more can go wrong with a pc. To me, PC gaming is only worth it because of mods, otherwise consoles are just better. Just easier to use and more players around. 

When I bought my GTX 970 for €290 (taxes + shipping included) directly at launch, it was cheaper than ANY available R9 290... even the cheapest 290s with the unbearably loud standard fan.

AMD had to slash its profit margin since then and lower the prices for the 280 and 290 models due to the lower demand. IMHO the GTX970 is still the better deal than a R9 290 or R9 290X... more VRAM, less power consumption, less heat to exhaust.

And the performance depends totally on individual games and settings... in most games, the 970 is between 290 and 290x, in some games/settings slower than a 290 and in some games way faster than a 290x.

Not when I bought it... Nor did you get Far Cry 4 free with it.

It also has some other negatives. The OpenGL drivers are worse with with ATI, which is worse for things like dolphin.

And the 970 GTX has a much lower TDP, meaning much less heat in the case, lower cost of power over the use of the unit, and it's much easier to get quieter computer. 

Actually you will not have to uprade your components at all if you want to stay at the same visual fidelity you started the gen.

People upgrade their PCs because they have the money and they want always more. The gap between visual fidelity on consoles and PCs will grow larger every year and that's why people will usually upgrade regularly to follow the gap. If PC gamers were content with one level of graphics for 7 years they wouldn't have to spend a single buck.

I think the money/performance angle is pretty useless when comparing PCs and consoles. Consoles will always be cheaper and PCs will always have the performance. There are a lot more important arguments for and against the platforms. It's really sad if you think about it. The thing that console gamers and PC gamers argue about the most is the least important aspect in the decision between them.

On high or ultra? I can play any game at high 40 fps on my $500 rig. Certain games I can play at 60fps. If games were optimized better I'm sure I could get that minimum frame-rate up. Meanwhile consoles can barely play medium settings at 30 fps without drops....

My current PC is from 2012 and I haven't upgraded it since so likely will have to if I wanted to play the newer games at decent settings. Mainly a better GPU (maybe CPU I dunno) and more RAM though. Not much but the GPU alone could be almost equivalent to a new console in cost on its own. Although, I never realised what you said but it makes sense since consoles dictate the market anyways. Also I hardly use my rig for gaming but it's still nice to have. Just a shame its so bulky! 

I can play everything on maxed out settings but to be fair I just purchased a gaming computer with specifically chosen parts like a few months ago so it would be depressing if I couldn't. I spent about 1000$. Really not that bad when you consider how expensive console games are in the long run and how simple it is to update certain parts on your rig and make it last quite a while. If its feeling outdated in 2 years I'll simply add some RAM or switch out the graphics card. Pretty economical in my eyes

When I put my computer together years ago I still couldn't play all games maxed at full HD (Crysis) and it cost me a lot of money. You have to realize, however, that PC gaming in full HD with all max settings running smooth at 60fps for current generation games looks way better than current gen consoles. Unfortunately, PC graphics cards that can play all current gen games on max in full HD at 60fps would cost over $400. Also, you must realize that games on PCs are not optimized for all combinations of PC hardware whereas console gaming is or at least can be.

The only game i cannot max out is Assassins creed 4 on my gtx 970 (i have not played Unity although its probably way worse). I'm thinking its because Ubisoft makes really bad PC ports as I can play Thief and the Witcher 2 both above 100 fps and they look much better

I have spend around $750 on just the rig not including things like monitors and other peripherals.

Rig #1

No, 1440p, 120fps.

Around $2200.

Rig #2

No, 4K, 60-80fps.

Around $6000.