Just a couple of things...
I like my PC, ( I spend about equal time on my consoles and PC ), Eg, it's just better for some sort of games (Try to imagine playing Company of Heroes or Age of Empires on a playstation...)
PC > Console for RTS's and most of the decent MMO-FPS's (Battlefield etc) are on the PC
Yes, you may be able to build a computer for $400 that can play Gears for less than $400, but i don't want to have to fork out another $150 a year just to keep it up to date...
At least with my consoles i can be sure that a 360/Wii/Ps3 game will run on a 360/Wii/Ps3 2 or 3 years down the track without having to fork out more just to keep up with the times... (Lack of Standard 360 HDD put aside)
On the other hand, PC gaming is MOSTLY (NOT always) held back not by the high end, but the low end...
It was only a couple of years ago that i saw CD versions of games stop being published whereas consoles more or less moved from CD to DVD with the release of the Ps2/Xbox (Aside from a few early games). The PS3 has Blu-ray, no doubt the next console MS has lined up with have an equivalent (If not Blu-ray), but it's going to be a fair while away before we see Blu-Ray become a standard for PC's and DVD versions becoming obsolete. I think console game developers have it easier because they can assume that all the consoles their game will be played on have the same CPU, GPU, etc (Multi-plats are a bit different but not too different), whereas on a PC they have to think about the millions of different CPU's, GPU's and their combinations. An example of this away from gaming would be OSX vs Windows, the programmers of OSX have it easier because they know what hardware their OS will be running on (More or less), whereas the Windows programmers have a **** of a job (feel sorry for them really).
But a redeeming feature PC's have is the fact that you are about 10x more likely to get DLC and patches.
Just my two cents
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