I used to be a bit of a console nut myself. Having owned a megadrive, saturn, dreamcast, ps2 and xbox previously. I have to say I still prefer the PC over all of them for gaming. It wins for graphics, control options, longivity, internet and general day to day tasks. Closest runner up was the dreamcast. One of my favourite consoles. Such a shame they stopped production and making games for it 
With my PC, I can either get my steering wheel ready for my racing sims (Live For Speed my game of choice), use the keyboard and mouse for my first person gaming, or use the joystick for my space/flight sims. The only problem is games can sometimes take a while to be ported on to the PC. It holds its own in the First Person genre though, and graphics wise, you will always see better on the PC. Also, if you dont have to splash out hundreds of quid a time when something new comes out because you dont have the right hardware. Small upgrades are usually easy to fit.
I agree, as things have come a long way since the DOS based games of different boot configs for each game. However, if not a computer geek, the consoles have the advantage that a game bought for a console will just work - even now, sometimes with PCs, some friggin still required...
I am another PC gamer

PC's used to win hands down due the higher resolutions, playing on TV's just sucked. No detail.
However now with HD TV, the tables are turning slightly.
I am in a bit of a dilema actually:
A) Buy xbox 360 + HD TV (be around £500 in total)
B) Buy a better PC than can handle the newer games
I have always prefered PC for games, take GTA Vice City for example. - Fantasic game, brilliant on the PC easy to aim with the mouse, easy to control.
Bloody nightmare on the PS2... almost impossible to aim when not using "auto-aim"