1. The PC is actually the cheapest option this time around. I don't know how many of you twelve year olds actually went out and bought your consoles yourself, but when you add in the obligatory cost of an HDTV, consoles cost more than a high-end gaming PC. My 8800GTS/P5W DH Deluxe/2GBPC6400 RAM system cost about $1000 total (Newegg rocks). Your average console setup will cost you $1400-$1600 (Console + $1000 HDTV). Honestly, there is no excuse to purchase a console over a PC except perhaps ignorance.
2. All the multiplats that come out look and play better on the PC. There are a couple exceptions to this but that has more to do with lousy porting than anything else. Unreal Tournament 3? Best on the PC. Assassin's Creed? Bioshock? Alan Wake? Quake Wars? Best played on the PC. This is because games are always geared towards the highest end PCs. Also mods.
3. Console resolutions suck. 1280x720 is barely HD, and costs $1000 just to get there. We can get 1680x1050 for $200. Don't give me that 1080P argument either -- it's either upscaled (quality decrease) or the game is only rendering 2 or 3 things on the screen at the same time.
4. You CAN hook your PC up to an HDTV and it is very possible to play it in the living room on your couch if you wish.
5. Sony/Microsoft/Wii are ultimately greedy corporations at the end of the day, and will do whatever they can to milk you whether it be by charging you for online play, making your console obsolete every year, forcing you to pay for mods that are free on the PC or insulting your intelligence with games like "Cooking Mama".
Discuss.
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