For me, I say consoles are better. Consoles are not better at specs or being a power horse, the PC will always kill the console. But I am fed up of upgrading. I am fed up of updating, and tweaking trying to get a game to run. I easily screw up my computer, because I am not so knowladgeable of computers. Yes I give up alot.
I give up better graphics. I give up modding the game. I give up the keyboard and mouse. Thing is now, I am use to the controler now. I have a hard time playing on a mouse and keyboard now.

So for me, lack of stress with not fighting the PC and trying to tweak it to play a game, out weighs the things I am missing.
As stupid as this sounds, the one thing I haven't seen on the PC yet is an motion controller options. Agree or disagree with this, (I don't care for them personally) but I have kids and they love them. So guess what the family plays on. That's right the console. So it is not just about me, but about the family. So far you can say that the PC is all about ME ME ME. It doesn't do the famil any good when you want a family event. Sorry I never saw or even herd that the family goes around the PC to play a game as a family. Now the consoles are perfect for that. One machine, can have 2 to 4 people playing, the other machine can only have one person playing at a time. No split screen for PC games. (If there is split screen for PC games, it's been ages since I herd of them.)
As for computers being made for $800 (I swear this is impossible because I can't do it, just goes to show I don't have the computer knowladge) I was able to get 3 consoles for the price of ONE gaming PC. So now the family can all play on the consoles. I play multiplayer iwth my son. I can't play multiplayer with my son on one Super Gaming PC. So what we don't have mods. So what if we don't have the jaw dropping awsome graphics that PCer's have. We can play agaisnt each other for the same cost of one gameing PC. So now, for the price or $800, I can have upto 8 people playing now instead of just one.
So now, I ask what is better? Better graphics? Better power? PC wins hands down. Now I ask, how many family members or friends can play at the same time with the same unit? That is the console hands down.
Ok, I saw my daughter surfing the Internet with 5 friends hovering over her. How this is fun for the other 4, I will never understand. But I guess that is a girl thing.
So for my $800, or lets round it off to a nice $1000, I have 4 or more family members playing the console instead of one at a time. So for me, consoles is more cost effiicient than a super duper PC gaming rig.
Also as to the cost for a HD TV it isn't being used just for consoles. I also watch TV and movies off it too, so that is not really an issue there for me.
So I have to disagree here saying that PC is the better way. It is a better way for YOU (single person in most cases), but the consoles is better for US (family or more than one person in most cases). So as we can see, there is pro and con for both types of platforms.
Davor