Although we were waiting for more impressive hardware to come with the PS4 and the next Xbox, I believe PC gaming and gaming in general will finally take a big leap ahead based on these facts:
1) CPU architecture of consoles is now x86, which is also used by PC games, so making a PC port of a console game wouldn't require many changes in coding. (remember, CPUs have no drivers) Furthermore, the fact that they'll be running on 8 cores means we'll see some serious AI/Physics improvements, along with higher viewing distance. Multiple cores on PCs will finally be put to good use.
2) The amount of (V)RAM in upcoming consoles is 16 times larger than in previous generation consoles (512MB vs 8GB). This also allows for much easier porting of games, since the game code on consoles won't be shrunk to fit in the very low amount of memory available anymore.
3) I don't think anything changed in the GPU field. Consoles will be far more efficient in GPU usage, but since required optimization regarding CPU / (V)RAM utilization is greatly decreased, I'm hoping game developers will use that extra time to optimize the GPU utilization as well.
Bad CPU usage, stupid AI, horrible physics, low-res textures could all be a thing of the past if game developers do it right. I don't know about you guys, but I'm really excited about the new consoles!