I don't see it that way.
Look at Unreal Engine 3, those kind of stuff are next-next gen for console and it will be common place for PC in two or three years.
Control interface-wise: on what platform can you use a wheel, a game pad, a yoke, kinect, and all sorts of redneck homemade controller without restriction? It's a PC of course.
high cost of ownership is probably true for students...yeah, when you have a job it hardly matters.
With Performance in excess not being able to run at 100% efficiency is not really a problem.
My time on the XBOX is increasingly becoming less not because of PC "superiority" , but mostly because the consoles are getting more and more complicated and not perfect for plug and play....online passcodes, updates, load times etcetc. I play FIFA on my PC with an xbox controller and my waiting times are decreased several fold compare to the Xbox.