i'm not sure. I still love it as much as ever. maybe it has been a victim of its own success in parts?
some PC titles have aged very well, and if you play your games for 2 years then you're less likely to buy more...
when i had a PS2 i bought new games all the time because most of them became boring pretty quickly and it didnt have the multiplayer functionality.
at present i am playing through Fallout 3, Red Alert 3 and Half Life 2. I also play BF2 for some online serious FPS or L4D. And if i have a spare 30 minutes jump on CSS or UT3. Also now Quake Live is taking up some of my time.
Anyway my point is thats 7-8 games that i would happily play right now and be content for several hours on any of them. I never had that with console gaming, and while the online play on them is getting better, the lack of organisation and community means game longevity isnt as prevalent.
There may be a reduction in the amount of quality PC titles becoming available, but maybe thats linked to the success of previous titles reducing demand for newer games?
How many console gamers do you think are playing games over 2 years old right now? Compared to PC gamers? Look at the player numbers for WOW, Eve, CSS, BF2 and the other big online PC games. Consoles by their very nature remove classic games from players librarys by bringing out new generations.
I dont think PC gaming is dying - but it is going through a period of transition. Hopefully for the better! And i think console gaming will hit this wall eventually. Once their online potential develops i would imagine they will have the same problem PC gamers are facing now - Customers will become far more fussy over spending £50 on a new game, when they are having so much fun playing their current ones!