I would just like to make a small point for those who are concerned about the price of gaming.
Over here in the UK, I can pick up a PS3 for about £200. About £250 with a game and a controller thrown in. In this deal you also get a basic web browser, and a blu-ray player. What a bonus.
A standard 360? £150-£200. Normally including a game and a controller. I haven't had any experience with 360s outside of actually playing the games, so I dunno about any fun extras.
A Wii? Let's not really go there. >.> Cheap, fun, not apparently a subject at hand.
My current PC? The tower, with all the parts inside that lets me max Fallout 3 out (which, incidentally, looks nicer than either of the console versions) @ 1680x1050, would cost about £300 right now. About £360 if you include a fresh copy of XP Pro SP3. Sure, it's a little more expensive than the consoles, but I've found that most of the games I can play tend to look prettier than the console versions. Not only that, but I prefer the keyboard and mouse.
By the way, everyone seems to be ignoring the fact that you CAN in fact connect joypads to PCs. Y'know.
The only game I have experienced any issue installing or running has been Mass Effect. And that's because it was a terrible port. Eventually, when Nvidia fixed the game (Bioware I am disappointed in you) it ran perfectly. Not only could I enable anti-aliasing on my PC (something the 360 version BADLY needed) but the pretties were prettier, and I liked the control scheme better.
I guess what I am saying here is that I prefer PCs. But it boils down to what you as a gamer want. Do you want Metal Gear Solid, blu-ray playback, and annoyingly erratic motion control? PS3. Do you want a huge library of current and previous generation titles that can be easily accessed with no hassle? 360. (Can you see where I am going?) Do you want a good library of current gen games, previous gen games, and games from pretty much every generation? Wow, it seems like the PC is a good choice.
I also enjoy the fact that having a PC as my primary gaming and entertainment machine compresses everything I need. I can do work on it, I can play games, I can use it to record music, I can post on forums where nobody will care about my opinion, I can watch movies, listen to music, chat to my friends, record videos that will cause me massive embarrassment later on in life, and I can do all this just by hitting Esc and pausing the game I am playing... could be Half Life 2, could be Mass Effect, could be The Sims, alt-tabbing out, and then alt-tabbing back when I am done.
Wow that was a lot, incoherent post.
So, in summary: Everyone in this thread has their opinion. They will not change it because they think their logic is perfect, and it is true. Their logic is perfect FOR THEM. Please bear this in mind.
I'm a PC, and I'm a condescending bastard.