AFnord: I would say that that is a big exaggeration. A PC bought at the price of a console on launch will last you through roughly one console generation. But no matter how much you pay, a PC will be really outdated halfway through the next.
1.5 generations minimum. 2 if you didn't skimp on the build.
3.. possibly an exaggeration.
And a PC is out dated the second you build it, it's the nature of the beast. It's only a problem though if you're crybaby who can't run games on anything but "super shiny" graphics. You can tube graphics down on video games to be able to play them on very out dated machines.
The real difference between consoles and PC though.. Costs are pretty irrelevant, power is pretty irrelevant, game selection is pretty irrelevant.. and this is why Consoles and PCs will BOTH continue to thrive:
Consoles are perfect for the 'casual' players, the people who want to plug it in, put a disk in and play a game. No futzing with settings, no tweaking control schemes.. nothing, just plug and play.
PC however, are the platform for people who don't mind a little more 'effort' in to their gaming, and want to put a certain amount of customization in to their gaming experience. Fine-tuning their personal set up, fine tuning their controls, their graphics for optimum performance... and let's not forget modding.
To make an actual breakdown of which is 'better':
Cost wise:
PC wins long term, barely.
Game selection:
PC wins hands down, but by an ever decreasing margin.
Instant purchase of games:
PC wins, by an ever decreasing margin
Gifting games/physical shopping:
Console wins, by an ever increasing margin.
Second hand:
Console wins, but companies are trying to destroy that market.
Convenience:
Console wins, by an ever decreasing margin (more consoles are requiring 'installs', PCs are getting more idiot friendly)
Customization:
PC wins, hands down.
Versatility:
PC wins, by an ever decreasing margin.
Pirating games:
PC wins, by an ever decreasing margin.
Local multiplayer:
Console wins, hands down.. however the margin is decreasing. (PC games are starting to support local multiplayer with game pads, console games are starting to cease supporting splitscreen.
Internet multiplayer:
PC wins, barely. (In some PC games you can still do internet multiplayer other than through the game/console's service)
Cheating:
Last I checked it was easier to cheat on a PC than a console- make your own choices as to who that's a point for.
Patching:
As of last I checked, it was easier for a PC gamer to bypass patching a game if they didn't want to, than it was for a console gamer. Once again, your choice.
In-game cybersex:
Easier to find on PC. Good, bad, disgusting? I dunno.
In most categories, PC wins.. however, which is truly better is not based on all the 'points' there, just the points that matter to the gamer.