Problem with PC's is their generic hardware/software environment and requirement to have mid-to-high end graphics cards to run any relatively new game, ending up with needing a lot more money just to play new(ish) games.
Also apart from the obvious, (eg LFS etc), there are advantages to the consoles input devices in some games. For example in God of War II you need to spin or turn things sometimes to solve puzzles or defeat your foe, the thumb joystick is perfect for this as it requires at least a little bit of skill to use one to do the task rather than just holding down a button to turn something the right way. Just adds a slightly different element to the actual way you interact with the game.
So the way I see it is, if you're a serious gamer and are prepared to spend a lot of money to get the absolute best graphics and performance in modern games, (and have to have every latest title as soon as it comes out), then a dedicated gaming PC is the way to go. If on the other hand you're just a part time gamer that uses games as a bit of fun and relaxation, (meaning you're not buying every latest title when it's released), then I think consoles are by far the best value for money.