I think the best comment made on this whole topic was the one regarding the TYPES of games you prefer. If you wanted to play Tekkan on the PC it would suck terribly. On the other hand, playing first person shooters on a console sucks equally as badly. I used to be much more interested in console gaming until I got over the Tekkan style fighting games and became interested in FPS. I've only played Halo on the XBOX and as fun as the game was, the multiplayer was pathetic compared to a PC FPS simply because of the controls. You can do things MUCH faster and more accurately with a mouse.
As for technology catching up, in 1 year you MIGHT be able to get something that would match a PS3 or XBOX360 if you spent an absolute fortune. Seriously, look at the top notch tech available now. If you put together something top of the line you'd pay many thousands. Anyway, I personally dont think the technology would catch up that fast. Things havent been progressing as fast as they were a few years ago. Remember how long it took for processors to go from the 800mhz to 2.4ghz mark? It really wasnt that long. But given the rate of improvement over the last couple of years, can you seriously see an affordable 9-10ghz processor getting around in 1 years time? I cant. Not by a long shot (by the way, i dont know the speed of the PS3/XB360. Im just using the 9-10ghz to represent a 3x increase in speed on current tech).
Another good thing about consoles is that you know the latest games that they release will run perfectly on your console. Even if it means that the developers are eventually having to scale down the settings a little compared to the pc version, your not going to notice the difference. The console will never become outdated over its life.
At the end of the day, i prefer the keyboard and mouse to a hand held controller for the types of games i prefer, so I'll be sticking to my pc for now. However, im not going to try and pretend that a console cant beat the living **** out of my computer for years to come for a fraction of the cost. My enjoyment of games is based on their playabilty and entertainment, not the number of pixels which are crammed into something that i will not even notice 90% of the time. In 2 years a game will be produced on the computer which is capable of slightly better graphics than the xbox360 and only requires a $3000 computer to run it? BOOHOO to bad your stuck with a $300 console which runs the game perfectly, but without 100 billion pixels per piece of gravel huh. My xbox has been gathering dust for months, but only because i prefer the PC controls on the games i like.
Its all about playability