Ive got both
A decent PC, domain of the RPG, MMORPG, Racing Sims, FPS and RTS games. Ive yet to see a console do any of these better.
360, for my Arcade Racers (Forza, Sega Rally etc), Fighting games, platformers etc.
Consoles do the whole 'Fun fun fun for 60 mins' games very well.
PC's sap away your life with the crack-cocaine addiction games. (Think Counterstrike, WoW, Eve online etc).
Will consoles ever dominate PCs?
No
Not ever.
They are two different styles of games.
So stop thinking Consoles will kill the PC, since they wont. As a (very) long term gamer, I remember hearing this argument when the MegaDrive came out. And again with the N64 (why buy a 3Dfx when you can have an N64 kind of arguments then). And again with every new generation of console. Have they killed the PC? No. Will they? Dont see it happening. I personally cannot see MMO's comming to consoles. They really need a keyboard and mouse to interact with, since not everyone likes to use voice chat. Also, imagine playing Eve Online with a joypad?
To me, consoles do one thing well and PCs do another well. Lets leave it at that.
P.S.
IMHO, I know people hate MS, but to me they have revolutionised PC gaming with DirectX. Anyone in the old MS-DOS days remember the fun of setting up your sound card? (SB16 irq:5, low DMA:1 High DMA:7 Address:220, Port:330, thats been burned into my brain! And please dont mention VESA, I still shudder thinking about it.)