Tom's Hardware Guide gives their views on PC vs console gaming. They take a look whether the PC is dead as a gaming platform, which isn't true, and they conclude what stating that PC gaming is still better.
The "next-gen" consoles, such as the Xbox 360 and the PlayStation 3, will look dated compared to what the PC can pump out at the very most half way through their lifespan. For gamers who demand the very best, this makes the PC the clear cut choice. For graphics companies, it makes the PC their bread and butter for making the development of next-gen cards viable.