I also think this has a lot to do with perception as well, console games generally run at 720 and actually have a lot of visual optimizations that console gamers dont tend to notice, they just put the game in and at the most install it to hdd, they cant change the way it looks or runs. hardcore pc gamers install the game, patch it, go straight into settings and ramp everything all the way up at the highest res supported, they run an fps counter and do a few benchmarks.
The hardcore pc gamer will not be happy unless they can "max it" at a decent framerate, if it runs bad max on their new pc then the game is "poorly optimised" regardless of weither the game is drawing detailed dynamic shawdows at 5 times the distance of the console version, if the developers had set the max settings to be equal to the console version i dont think there would be as much outcry about the graphics as there is about "optmising"