I am on the fence, i have both a powerful (ish) pc, and consoles i really dont understand the hostility towards consoles by some of you, there really is no justification for it other than fanboism, back in the day of N64's, Playstations and such your argument may well hold true but today its a crock of sh**
Principle arguments in this thread:
-There are more good pc games
Not really, it is pretty much 50/50 to be frank. Consoles have just as many quality titles (more so of late) as pc titles, and consoles have the added advantage that the game will work as the developer intended not at the level your pc can handle.
-PC's are cheaper
Depends what you use them for, you need 4 pc's to have a quick game with friends you need
4 descent pc's and assorted bits
4 copies of the game
networking gear
-FPS's are better on a pc
You can now use kb&m on a console, UT3 is rumoured to allow kb and mouse on the ps3
-PC games are more customizable
So can a console, there are SDK's available for console games and most modern consoles have HDD's to save content
Now a pc you get better gfx, you can do more at the same time (e.g. stick on winamp and have a download going in the background while you play), games are cheaper (unless you want to play a quick game with friends), the content is more customizable in most cases (e.g. you can completely overhaul a game a la project reality), you can hack out games to your own preferences (ableit illegaly in some cases

), pc's are more flexible (pc not fast enough? add a new gfx card/cpu for example)
BUT:
-Consoles are quicker to get playing, PC games require installing, this may not be a issue to most (as it isnt to me anyway

) and even then if you want a quick game you have to wait for windows to load up then wait for your various software apps to load, then wait for the game to load, then wait for the level to load. but a console is quicker for a quick game as you simply turn it on, the game loads in seconds, the console loads the level and away you go
- PC hardware is a lot more expensive, but games are cheaper so it evens out. Lets be honest if you wanted to play games at the quality the developer wanted you to, you would be upgrading a lot more often than you do in reality
-PC games require tweaking, you need to change settings to balance quality/performance, whereas on a console games are pre-setup for your hardware
Thats all off the top of my head, but nontheless there is no clear winner as they both have pros/cons altho the gap is closing between consoles and pc's, Halo 2 showed off the streaming install which i hope they bring to all pc games personally.
Consoles now have online content, you have net access, you can plug in a mouse and keyboard, movies, music etc etc..