I think the average PC Gamers spend more than the average console gamer. Generally I'd agree that PC gaming tend to be more expensive. But...
For the whole 'how much would it cost for 10 years of gaming, it seems a little silly to assume that you'd not spend a fair bit of money on a basic PC even if you were planning to never game on it. Also remember that 10 years of gaming on an X360 would result in an additional $500 worth of Xbox Live.
So a base cost of $400 at launch plus $500 worth of Xbox live plus the cost of a basic non-gaming PC (3-400 given the higher prices at the time). So Console gaming over a decade would still be well over $1000 even assuming you only bought a single console. It's also not counting any upgrades to your home PC, no extra controller, no cost associated with buying an HD TV.
Judging the price of a PC is obviously harder. I won't try to make an argument for whether or not you could buy a gaming PC and keep it upgraded at a 'reasonable' level for a decade for 1000-1200, I doubt most gamers would want to. Personally I've spent at least $2000 over the last decade. I could easily have saved some (I recently bought a new 5850 video card even though I could easily have stuck with my old 1GB 8800GT for another year or two), I could also easily have spent more (I'm still running a Dual Core instead of a Quad Core).
Then there's the argument for the cheaper PC games. While it's true that most PC games retail for about $10 less than most PC games, consoles do have much better options when it comes to renting games. While STEAM have some awesome sales now and then, sales on console games are not rare either, for example, the last two console titles I bought at launch I only paid $50 for since Frys in my area tend to offer a sale on new 'high profile' console titles. In addition to that you do have the option of selling console titles. So yeah, pc games on average tend to be a bit cheaper but you don't get the option of renting or selling the games.
Is PC gaming more expensive than buying and playing on a single console? Yes, outside of exceptional scenarios it is, however it doesn't have to be a lot more expansive as long as you're sensible about your upgrades. It also does give you access to FAR more titles, better graphics on high end modern titles, a HUGE back catalog of older games, far better customization in terms of mods and user made content, far more versatility in terms of what else you can do with the machine.
So yes PC gaming is more expensive, but you also get a lot more for your money.
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