Actually, I think the real test for console vs. PC gaming will be when the next generation of consoles is released. Right now, both PS3 & X360 run games natively at 720p (with VERY few 1080p exceptions. Virtua Tennis 3 on X360 looks amazing at 1080p). Currently, nearly all HDTVs are 1080p, so PC gaming still looks significantly better on these HDTVs than consoles (because of resolution and all graphical effects maxed out).
But ... when the next gen of consoles is released, they will offer native 1080p support with enhanced graphics (and if many of these console games did run at 1080p with good frame rates, I think they would rival PCs in graphics for the most part even though graphics not maxed out. The 1080p vs 720p resolution makes that much of a difference on my 56" HDTV).
Truth is current HDTVs, while sharp, still are not "quite" as sharp as a good PC monitor (I'm talking larger sets), watching these TVs ... you'd never know it The resolution is still high and the image looks sharp. Because of this, FSAA makes very little difference, unlike on a PC monitor. On top of that, the higher the resolution, the less pronounced the effect of jaggies (as we see with the X360 running games at 1280x720 vs. my PC running games at 1920x1080, neither of which are currently utilizing FSAA except a handful of X360 games). The lack of FSAA on 720p X360 games is hard on the eyes, but for the PC running games at 1080p without FSAA, it's barely noticable. This will enable consoles to run games smoother and max out other graphical settings in exchange for 0x or 2xFSAA instead of 4x FSAA on every game. So this extra muscle and advantage PC games currently have will not be much of an "advantage" anymore.
So what does the PC then have as an advantage over consoles?
(1) Keyboard & mouse? Great for strategy games over the controller, but for 3rd person shooters, fighting games, racing games .... the controller wins. 1st person shooters control better with keyboard & mouse, but still control well on the controller (talkin X360 experience). Doesn't the PS3 support keyboard & mouse anyway?
(2) User mods & support. Yes, here the PC still can outmatch the console and probably always will because of its nature
(3) Customization of many more aspects like graphics, etc.
(4) Desktop Customizibility ... IDK?
... but then again, consoles don't have the issues of driver updates crashing systems, losing compatibility with games released not to long ago with newer drives (this one really annoys me), updates, crashes (My 360 only crashed twice since I owned it during launch, I consider that nonexistant), reinstalling Windows, etc. And the interface is much easier to navigate and attractive on the current gen consoles vs the PC. Consoles can also play music, movies, short video clips off the net, pics; making them media centers the PC once was uniquely. PCs are also capable of running the higher resolutions at better frame rates, but at a rez of 1080p (the max res of all current TVs), this advantage becomes nonexistant. Unless we start getting 100" TVs as a new standard (so the lower rez image becomes stretched over the larger viewing area and jaggies along with other effects become pronounced), higher resolutions won't make much if any difference on current size TVs. All this extra power will not be required.
So yea, the line between PCs and consoles is blurring, especially now that consoles can play games online, support chatting, download enhancements and addons to games, etc. What was once the PCs clear advantage is now done on the console too. Graphics are getting so good now that I think us gamers will start settling for what the console has to offer instead of seeing a significant difference between console vs. PC for the ease of usability (next generation at 1080p that is).
If my X360 ran all games at 1080p at as smooth a framerate as my PC (and past games like how the X360 runs Xbox games (native 480p) at a native 720p now), I would avoid using the PC for anything other than email, web browsing, and other misc stuff altogether. And you can bet the next release of consoles will be nearly equivelant to the high end PCs of that time frame.