I think comparing the consoles with PC is a fool's errand. Regardless of the objective differences between them, they cater to different markets and different needs. Exclusives aren't the sole things keeping consoles afloat; sure, a good killer app can sometimes make or break an individual system, but it's not like everybody buys multiplatform games on PC, even if they are better.
As someone who has both a PS4 and a decent gaming PC, I will alternate depending on the type of game; I prefer a third-person game on console for example, even if it has a PC version. And I'm a minority, a lot of people will buy one or the other depending on what they want. And you know, look how well the current console generation is doing. The PS4's doing well, Xbox isn't far behind and the Switch is off to a great start. As long as they're making money, I don't see the bottom falling out for a while.
As someone who has both a PS4 and a decent gaming PC, I will alternate depending on the type of game; I prefer a third-person game on console for example, even if it has a PC version. And I'm a minority, a lot of people will buy one or the other depending on what they want. And you know, look how well the current console generation is doing. The PS4's doing well, Xbox isn't far behind and the Switch is off to a great start. As long as they're making money, I don't see the bottom falling out for a while.