There is really very little to discuss on the console issue. Consoles are more efficient in terms of hardware utilisation, and can offer great gaming at a low price point. PC's are [for the most part in a generational cycle] more powerful, but games don't reach the hardware mettle. PC's are superior for certain genres (currently), especially if you have the resources to buy cutting-edge high-end parts.
To me, PC's will always rule because of the level of customization they offer. I love tweaking my setup to just the way I want it. I love having my speakers positioned just right, close to me in front and behind. I love being able to set FSAA levels and AF levels, as well as the ability to not only play games, but also check out tech demos like ATI's Toy Store. My PC connects me to the outside world, and I quite frankly feel lonely without it (aim, news, science articles, computer websites, etc). But consoles have their place, and as I get older I realize that the gaming that I want to do is fulfilled better on consoles than on PC's. For every FEAR and HL2 I play on my PC, there are dozens of A-class titles I can play on my console. I used to shy from consoles due to the poor 3d models, poor textures, and low output resolution. But with the Xbox360 and PS3, I can hook them up to my 24" Sony Widescreen CRT or my 37" Plasma HDTV, and enjoy DD 5.1 surround sound from the comfort of my couch. This is a great sell to me. All at the relatively low cost of $400 +games. My computer room is set up like a lounge. It has a fouton opposite the computer screen, a good HT system with 2 nice bookshelf fronts, a 4 mid-woofer + 1 tweeter center, 2 rear bookshelf speakers, and a 10" downward firing sub, all within 4.5 feet of me whether im sitting in the chair or the fouton; an art-deco lounge chair, soft lighting, oriental rugs and tapestries round out the picture. It is a comfortable and relaxing place for me. Now that I can hook up the xbox360 directly to my computer monitor, I can relax here and play great looking, next gen games, reclined in the fouton, feet up on the chair. Now I can enjoy good resolution, high end gameplay, relaxing in my comfortable room, at a cheap price. And the selection of games is much wider, allowing me to cater to my tastes. This is my view.