Indigo, your point on games is true to a certain extent - but it goes both ways. PCs and consoles both have types of games they excel at. Have you ever tried playing a RTS/strategy on a console? Don't bother. Sports games on a PC? pfft, please.
As far as the specs of PCs and consoles - PCs will (most) always be better. Why? Little ditty called Moore's "law". Xbox 360 rules now, but how long will it be before middle-to-high-end PCs catch up? Buy an Xbox 360, you get that hardware for the life of the unit. If you have the desire and cash to do so, your PC can constantly be at the forefront of technology.
IMO, it's all about what you want to do with it. If you're OK a jump ahead in technology every few years and like games that lend themselves to consoles, go that way. If you want something constantly upgradeable that lends itself to PC-dominated game genres, go for it. Not to mention that a PC isn't just for gaming (gasp!).
Neither one dominates the other in every aspect. (The same goes for comparing current consoles. Get over it.)