Consoles can run any title currently available really, just not as well as PC can.
In pure performance terms, the PC is the superior platform. It has more versatile controls available, it has higher frame rates, higher resolutions and higher visual fidelity. But they cost considerably more. For example my gaming PC is around 14months old and can run GTAV on 'ultra'. But it cost me £2,400 to build it (inc. monitor, KB, etc etc). However, it is unlikely I will need to upgrade it for a long time, games are cheaper and it is a more versatile system overall because it can be used for home office applications, web browsing, streaming and any number of other productivity applications.
I bought a PS4 in December, and already I have spent £700 on it. That includes the purchase of the console (2nd hand), an extra pad, games, PS+ subsciption, Netflix and so on.
If I simply add the cost of the 15 games I have purchased, the essential PS+ subscription and the extra pad (also essential imo) it's £364 spent since December.
By comparison, since
november 2011 I have spent £384 on PC games. That added
40 titles to my library. Yes 40 games. No they are not all cheap and nasty either! Lots of new releases, AAA and a mix of slightly older classics and indy too. A real good mixture.
So my PC is far more cost effective for games purchases. In comparison, the same number of titles on a PS4, taking an average price of £15 for a 2nd hand title is £600 and as we know £15 for some of the main PS4 titles is being very conservative even in the 2nd hand market.
So let us suppose that in a year we buy 10 games on release (full retail) and let us suppose that the life of the PC and the console is 8yrs.
For a PS4, I will assume a new game costs £45 on release (they are normally between 39.99 and 49.99), and for a PC £29 (most new releases can be had for £28-£30).
Over its 8 year lifespan we would spend £3,600 on PS4 games. Then add 8yrs PS+ subscription £320. A sub total of £3,920.
The PC would weigh in at £2,320 for the same period.
Thats a £1,600 difference - easily the cost of a decent gaming PC. I should also note that I have not factored in the cost of a decent TV/monitor to use the PS4 on or a laptop/tablet which most people will need to on top of the cost of a PS4 as it can't do word processing / printing for example.
When we look at the cost of a new PS4 console with an extra pad, we are probably looking in the region of £340. If we add that to the total cost of the games and PS+ the total cost of a PS4 over 8yrs - assuming nothing breaks is £4,260
If we add the cost of the PC to the cost of the PC games we get a total of £4,720
So in that example, over a lifetime, the PC only costs £460 more than a console (assuming nothing bricks - which it didn't in my last build).
Thats not bad for a gaming rig that will last a good while, have versatility and perform well over it's lifetime and that price includes the monitor, keyboard, mouse, base unit and all components.
Additionally, if we increase the number of games bought per year, the PC actually becomes the cheaper option. For example, if we bought 20 games at full price per year on each platform, the PS4 would end up costing around £800
more than a PC over an 8yr period.
Of course these are simple sums, but when you consider the total lifetime cost - PC gaming is not that much more expensive than console gaming and in real terms it is a superior performing platform.
I do agree, though, that there is a lot to be said for just sticking a disc in, sitting on the sofa and playing. I also believe consoles to be far better suited to local multiplayer/co-op with friends/family. They are great for driving games, and they are even pretty good for FPS titles too if you can use a pad well (I can't lol

).
Oh and I also don't tweak and mess with settings, I select ones that allow a game to run well and then play it

But some people like messing and tweaking and indeed they enjoy that more than actually playing the game!
