Having spanned a number of consoles, and many PC upgrades over the years, I still tend to favor PC games.
One reason is that, despite lots of hours on game pads, I’ve never warmed up to them. I’ll freely admit I’m a mouse & keyboard guy.
I think that PCs do cost more over time than consoles. In the past, though, that meant you had better performance and / or better graphics than consoles. I don’t think the difference is so clear cut any more.
I think the PC component suppliers are shooting themselves in the foot, and risking making PC gaming irrelevant, though. It was one thing to buy a $300 video card a few years ago to get best-in-class PC gaming. Now you need $400, $500 or more.
The same isn’t quite so true of CPUs, but you still need a fairly beefy processor.
On the other hand, PC games are cheaper – and not just if you wait for the bargain bin. I picked up Rainbow Six: Las Vegas for the PC recently at $39.95. That’s a relatively common price for a lot of PC games these, days, with some tier one titles going for a whopping $49.95, while good games from lesser developers cost $35 or so. I picked up S.T.A.L.K.E.R. for $35.
Of course, as you get more craziness for consoles, like Band Hero, the cost of console gaming is creeping up, too. You get to add things like different controllers, hard drive upgrades and more. So console gaming hardware isn’t quite the bargain it once was.
You see some of this reflected in new PS2 releases. Despite the huge installed base, new PS2 games seem to be noticeably cheaper than PS3 or Xbox 360 titles. Of course, Sony has made their investment back on the PS2 in spades. It’s not clear when Microsoft or Sony will ever make back their investments on their current boxes.