I've been using the same PC for nearly 6 years now. The only core components I replaced were my unstable Gigabyte board back in 2008 and my 8800 GT back in December.
PC is cheaper than Console, no doubt about that. The number of games in my Steam library that I paid nowhere near full price for more than makes up for the cost difference of my rig. Factor in the fact that you need a PC anyways to do productive work (in my case programming too) and you have a clear winner in the value category.
Beyond straight dollar value you also have the freedom to modify both the software and hardware to your heart's content. Something malfunctioning and you don't want to wait weeks for support to repair it? Not a problem with a PC. Back when I had that unstable Gigabyte board it finally got so bad that I was getting BSoDs every half hour to hour. I placed an order on Newegg for the ASUS board I have now 8 days before my first LAN Party. That was on a Friday. I got the board the next week, had it installed in a few hours time, and had a completely stable rig going into my party. Good luck getting your console repaired in that time frame.
Then you have modding. My favorite multiplayer game of all time, The Specialists 2.1, was a mod. I modify games as a hobby. I'm now working on my own indie game, slated for a 2014 release. Without mods and the ability to mod I never would have gotten into gamedev or even programming. My first programming project was an AMXX Plugin for The Specialists.
Then of course you have mods that turn an okay looking game into this:
Note that this runs at a very much playable 40 FPS on a Q6600 and 7850. Both are overclocked but that is beside the point. The point is that I'm running this on a 6 year old CPU and a ~$160 GPU. Not bad at all.
That said, I still play 360 from time to time. That's only for Forza 4 though. Everything else is done on PC.Edited by SchmoSalt - 8/2/13 at 10:57am