Both new consoles (PS4 & 720) are reported to support Full-HD gaming, latest DirectX, high level AA/AFetc (basically all of the standardised features of latest GPU's). Some rumours also suggest that the PS4 will be a locked down PC-in-a-box, similar to the original XBOX. Whatever they are, both should be as media friendly as a PC.
With three times as many laptops now sold vs desktops, and tablets catching up with laptops, the days of Desktop are numbered. When our kids grow up (perhaps much sooner) desktops will be consigned to museums. Consoles, tablets and smartphones will rule the world and laptops may also have bit the dust. Whatever happens, bye bye desktops and £400 graphics cards.
I wouldn't be so gloomy about PC's- about 70million stand alone graphics cards were sold each year since 2005. Thats a lot of cards, a lot of revenue and a lot of incentive to keep making them.
Consoles are relatively cheap because their business model is to " almost give away" the platform and then skin you with game prices.