"I've read through te above comments and might rehash some of them but here goes.
Graphics: PC graphics are hands down better than console no questions asked. You do not need up to date hardware to accomplish this either. When a new console comes out its graphics card is already 2-3 years old. Therefore if you are building in the same year the console is released then even if you buy a 1 year old card which will already be heavily discounted you will be well ahead of consoles on the graphics front.
Running new games on older machines: In most cases turning down settings will remedy any problems you might have. These games with low quality settiings are still superior (especially graphically) to console versions.
Oh noes I hate keyboards!: As said above you can use console controllers with minimal effort on your pc. However in doing so you lose a lot of the versatility and control that comes with the many buttons etc. that come on a keyboard. But wait there is a solution to this! There are several devices out there that bridge the gap between controller and keyboard. Personally I use the N52 te a coproduction of Belkin and Razer. This particular item is a little more expensive but there are a variety of other less expensive options as well. I can't speak for the other ones but the N52 has a dpad as well with a thumb stick attachment so if you like that it's available. These devices fit your hand well and offer a lot more customization and control than console controllers.
My computer chair/general computer gaming setup sucks!: Computers these days can easily be connected to any relatively new tv. Depending on what tv you have your graphics may suffer but they can't be any worse than what the console does on the same tv and will almost certainly be better. This along with a few inexpensive extension usb cables or wireless keyboard and mouse and a tv dinner tray or lap table (whatever) allow you to game in comfort in the same position you would play consoles.
Keeping up with the hardware advancements is sooooooo expensive!: Building a new computer with up to date parts can be expensive sure, especially if you are going to buy off the shelf rather than build your own (which by the way is way easier than you think, though still understandably outside what many of you would want to deal with). However lets look at our current situation in 2010. The PS3 (which I understand is the strongest console hardware/graphics wise) came out what something like 5 years ago? Tack onto that the fact that the hardware in it (specifically the graphics card) is thus 7-8 years behind current hardware. That means all you need to beat the everliving snot out of a console is a 3-5 year old setup (sure a hunk of junk by todays standards but still enough to run all but the most graphically intense games). The cost of such a system is extremely low compared to a new one and best of all in a year or two you can always save $20 a week for a few weeks to upgrade one part or another bringing it closer to current powerhouses and leaving consoles further behind in the dust.
I am so awesome with a controller I suck with keyboard (or N52 te) and mouse: You're used to one and not the other, sack up and play a few hours you will be performing on a whole new level within a month and will laugh at that silly person who used to play with children's controls. @Ed I don't believe you for a second. If what you say is true, congratulations you are the exception, don't think otherwise.
Mods, user created content, updates by developers, communities etc: Everything consoles have pale in comparison to what is available on PC you can't even begin to argue this so don't try.
OMG look at market share consoles are obviously superior: How many people do you know who own a regular run of the mill car and how many own italian supercars or modded up honda's etc. Just because more people drive the easy cheap stuff doesn't mean those things are better. (just a quick little rant that doesn't fully adress this issue but gets the basic point across I hope).
Consoles will always be here so they are better!: Sure consoles will always be there so will go karts but if you are serious about your gaming then like with any hobby you should be putting the extra effort (and it is way less than you think) into learning about the superior tools of your hobby. If you just like to play a few games and don't care about performance or graphics then you shouldn't even be involved in this conversation, consoles are obviously the way to go for you and I wish you well with them. I own consoles in addition to my pc for similar reasons, when I have a party or girls around who want to game (as opposed to girl gamers who are every bit as good and knowledgable as boy gamers) then the consoles are great and super easy for them to use.
Consoles are just dumbed down PCs quoting Erhan: This is truth there is no getting around it, he may not be right about consoles dying (I'm farily certain he isn't) but there is no getting around this. Again doesn't matter if you just want to play a game, matters if you want to be a gamer.
I've gone on too long forgotten to touch on some things and probably hit others too much, such are the perils of writing something long in a text box thats only 5 lines big. Have at it."
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Graphics: PC graphics are hands down better than console no questions asked. You do not need up to date hardware to accomplish this either. When a new console comes out its graphics card is already 2-3 years old. Therefore if you are building in the same year the console is released then even if you buy a 1 year old card which will already be heavily discounted you will be well ahead of consoles on the graphics front.
Running new games on older machines: In most cases turning down settings will remedy any problems you might have. These games with low quality settiings are still superior (especially graphically) to console versions.
Oh noes I hate keyboards!: As said above you can use console controllers with minimal effort on your pc. However in doing so you lose a lot of the versatility and control that comes with the many buttons etc. that come on a keyboard. But wait there is a solution to this! There are several devices out there that bridge the gap between controller and keyboard. Personally I use the N52 te a coproduction of Belkin and Razer. This particular item is a little more expensive but there are a variety of other less expensive options as well. I can't speak for the other ones but the N52 has a dpad as well with a thumb stick attachment so if you like that it's available. These devices fit your hand well and offer a lot more customization and control than console controllers.
My computer chair/general computer gaming setup sucks!: Computers these days can easily be connected to any relatively new tv. Depending on what tv you have your graphics may suffer but they can't be any worse than what the console does on the same tv and will almost certainly be better. This along with a few inexpensive extension usb cables or wireless keyboard and mouse and a tv dinner tray or lap table (whatever) allow you to game in comfort in the same position you would play consoles.
Keeping up with the hardware advancements is sooooooo expensive!: Building a new computer with up to date parts can be expensive sure, especially if you are going to buy off the shelf rather than build your own (which by the way is way easier than you think, though still understandably outside what many of you would want to deal with). However lets look at our current situation in 2010. The PS3 (which I understand is the strongest console hardware/graphics wise) came out what something like 5 years ago? Tack onto that the fact that the hardware in it (specifically the graphics card) is thus 7-8 years behind current hardware. That means all you need to beat the everliving snot out of a console is a 3-5 year old setup (sure a hunk of junk by todays standards but still enough to run all but the most graphically intense games). The cost of such a system is extremely low compared to a new one and best of all in a year or two you can always save $20 a week for a few weeks to upgrade one part or another bringing it closer to current powerhouses and leaving consoles further behind in the dust.
I am so awesome with a controller I suck with keyboard (or N52 te) and mouse: You're used to one and not the other, sack up and play a few hours you will be performing on a whole new level within a month and will laugh at that silly person who used to play with children's controls. @Ed I don't believe you for a second. If what you say is true, congratulations you are the exception, don't think otherwise.
Mods, user created content, updates by developers, communities etc: Everything consoles have pale in comparison to what is available on PC you can't even begin to argue this so don't try.
OMG look at market share consoles are obviously superior: How many people do you know who own a regular run of the mill car and how many own italian supercars or modded up honda's etc. Just because more people drive the easy cheap stuff doesn't mean those things are better. (just a quick little rant that doesn't fully adress this issue but gets the basic point across I hope).
Consoles will always be here so they are better!: Sure consoles will always be there so will go karts but if you are serious about your gaming then like with any hobby you should be putting the extra effort (and it is way less than you think) into learning about the superior tools of your hobby. If you just like to play a few games and don't care about performance or graphics then you shouldn't even be involved in this conversation, consoles are obviously the way to go for you and I wish you well with them. I own consoles in addition to my pc for similar reasons, when I have a party or girls around who want to game (as opposed to girl gamers who are every bit as good and knowledgable as boy gamers) then the consoles are great and super easy for them to use.
Consoles are just dumbed down PCs quoting Erhan: This is truth there is no getting around it, he may not be right about consoles dying (I'm farily certain he isn't) but there is no getting around this. Again doesn't matter if you just want to play a game, matters if you want to be a gamer.
I've gone on too long forgotten to touch on some things and probably hit others too much, such are the perils of writing something long in a text box thats only 5 lines big. Have at it."