I can see virtues of both platforms. I personally gravitate towards PC gaming.
Consoles are good for instant gratification. Turn it on. Pop in the disk. You're gaming. That's all it takes. Of course, with consoles having hard drives and high speed Internet connections now, release day patches are becoming more common. In fact, consoles are looking more and more PC-like every day.
PCs take a bit more time to get going, but once they do, they can provide a superior gaming experience, depending on the game. For example, I wouldn't DREAM of playing any Elder Scrolls title on console. These games simply allow too much tweaking and modification on PC for me to consider playing the console version. I would be missing out on all the great (And sometimes not so great.) content that the community develops. Also, any game played from a first person view just feels wrong to me with a controller in my hands. This could be personal preference, but the speed and accuracy a mouse affords me simply cannot be replicated via thumbsticks. Argue however you want, this has been proven time and time again.
There are games I feel just work better on a console... or a dedicated PC hooked up to your television with controllers, but not many people have such a setup. Fighting games of any kind, multiplayer beat-em-ups, racing games, 3rd person action-adventure, platformers, etc. This is actually a pretty good chunk of the gaming eco-system, so certainly consoles still have a place in the world. But again, if consoles vanished from the face of the planet, the PC can effectively provide a console experience with controllers and a television.
Many PC games are also a bit restricted to whatever the consoles can produce at the time. It makes sense to the publisher to release the game multiplatform, and to do so easily you typically create for the lowest common denominator (IE: XBox 360.) Then port to other platforms. For example. Skyrim looks much better than Oblivion, but it's running on the exact same hardware. It looks better due to smarter and better programming, therefore Skyrim for PC will probably run on a system that was able to handle Oblivion at the time. At this was 5 years ago. XBox games that require a significantly more powerful system to run on PC (Grand Theft Auto 4?) are usually the result of a sloppy port and poor optimization.
Today, with consoles becoming more like PCs, and with home-theater based PCs becoming more commonplace, effectively making them consoles, I wouldn't be surprised to see the line between console and PC gaming blur in the future.