That would have been true if the console's architecture were vastly different from PCs, as in the past. Now PCs and consoles share the same underlying X86 architecture, whatever applies to consoles will also apply to PCs.
I still think it's very significant (advantage) the fact they can optimize the game for the performance characteristics, since all the millions of consoles will run exactly the same
Yeah, PS3 was delayed, when it eventually came out, PCs had moved on technically. but few people actually had 8800GTXs, the vast majority of PC players had Geforce 7s and 6s, or Radeon X19xx and X18xx.
When X360 came out, we -average PC players- suffered in 3 games:
1-Tomb Raider Legends: which was a real chore to run even on a GTX 8800. With amazing visuals and state of the art technical prowess with the full armada of DX9 at the "Next Generation" game preset.
2-Splinter Cell Double Agent, same as Tomb Raider, it has a "Next Generation" preset too. at the time of release it didn't even support Geforce 8 family of GPUs, and it required a patch to run on them.
3-Call Of Duty 2: same as the above two. the directx9 path of the game (effectively a next gen preset) was so taxing on anthing but the 8800s.
Oblivion and Rainbow 6 Vegas also gave PCs trouble, but to a milder extent. PCs didn't recover until Geforce 8 family and Intel C2Ds became wide spread. Granted PC versions of these games had better image quality(texture resolution, AA, AF, draw distance, shadow resolution) but you get the idea.
Only very high end PCs, now, even medium PCs are better than consoles. just slap a GTX 760 on a core i5 and you are good to go.
at the time the PS3 was released you had the older high end GPUs with lower cost options like 7900GS as a very affordable card (sub $200) which had decent performance on these games, also the x1950pro and so on,
(cod 2 dx9 http://www.legitreviews.com/xfx-geforce-7900-gs-480m-video-card-review_384/8
splinter cell max http://www.anandtech.com/show/2130/7)
few months after the 8800GTX you had the market flooded with more affordable and very fast 8800GTS 320MB, 6 months later or so you had 8600GT's everywhere, and while the 8600GT was way down on specs it was giving a hard time for the "high end" geforce 7s on more complex DX9 games already, and the Core 2 vs K8 also had a huge effect on CPU pricing during the following year.
now for the 360 things were a lot harder for the PC, but still, I think you already had competent options on the PC if you didn't expend the most to go with high end,
now many PC gamers still had old Radeon 9600s and such, so running new 2006 games was really painful, but the "x1800gtos" and such already offered nice performance on these games without paying high end cards money just a few months later,
but I understand your point, right now it's clear the 760 + any i5 is superior and affordable, going back to 2006 and comparing things, with single core CPUs still being a factor, the consoles with more exotic hardware and so on is not that simple.