I bought a PS4 at launch, I also built a Steambox PC for under $500 last month. Granted, almost all the parts I bought were on sale, so this PC might have cost closer to $600 if I wasn't watching that. I have a pretty standard AMD FX6300, Radeon 7850 build that is pretty no-frills, but for what I use it for it is ample.
I have tested AC4, Tomb Raider and Injustice on both platforms. My PC plays very similarly to the games I tested on the PS4, in some cases much smoother in places. Not sure where you guys are getting off saying that it can't be done for $500. It is pretty impressive how much performance you can get with a solid build with no bottlenecks, even at lower budgets. And if it gets to where the GPU can't keep up with games coming out in the future, a simple GPU upgrade will fix that.
And the best part, aside from getting games MUCH cheaper on Steam, is the older games from the PS3/360 generation look like PS4 games with all the settings maxed out. All my gaming is done on Steam's Big Picture mode with a 360 controller. If you wouldn't know better, you would swear you were playing on a console.
EDIT: Here, just in case nobody believes me. This is a video put out by Gamespot where they built a PC very similar to mine and compared it to a PS4/XBox One. There you go, clear as crystal proof that a $500 PC can in fact match or surpass a PS4.
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