I'm a recent (two week) holder of THQI and I love reading these message boards, and plan to stay for a while. Now that that's over with, here's the point.
All of the points being made about advantages of consoles over PCs you folks are making are true except for one. That consoles may ever actually outperform high end PCs. It may have been true for a Brief while that the Playstation was outperforming PCs of the time. The Dreamcast is already behind. And though it seemed as though the Playstation 2 was poised to do it, NVDAs recent GPU has upped the ante once again. Check it out.
PCs will always have an advantage in that you don't have to wait 4 years for the next one to come out, you can just take your old one throw some more memory in it and a new 3d card (hope I don't sound too much like monte ;)) and maybe a new processor and reach a new level of gaming.
I'm not saying that this changes the PC/console balance too much, becuase all the other advantages of consoles still hold: price, ease of use, and such, but the highest of the high end will always belong to the PCs...