I said it in the Comments of the latest Extra Credits, and I see it's been said quite often already, but here goes.
To me, Console Gaming just defines the medium. I began playing games on a borrowed SNES that the owner later let me keep. Aside from playing in the arcades now and then, I basically played on consoles all my life. My grandpa was always a computer nut, though, so it's not like I didn't get a chance to play computer games. However, until he got Windows 98 and the Internet, he religiously used MS-DOS, so if you can imagine it, just picture the kinds of crappy games I played on that kind of computer compared to what I could get on my SNES.
Nowadays, the tables have turned, though. I've been stranded by the current gen consoles due to my own lack of a gaming budget, and have been forced to resort to either finding lost gems for my PS2 or using my PC to satiate a lot of my gaming needs. I can definitely agree that the cost issue is a moot point, as I bought this computer over 2 years ago for around $500, and aside from a couple gfx card upgrades I've been able to run just about anything just fine, albeit nowhere near optimum graphics capability.
That being said, I do still love consoles, and enjoy the feel of curling up in a couch or laying flat on my bed to play a game. Whenever I play a PC game, I just can't relax as much. Maybe it's the fact that my monitor is only ~18", but all game text is incredibly small, and after playing with my body in a chair, barely two feet away from the screen at all times for well over 4 years, I just don't know any other way to play PC.
I guess the short of it is it all comes down to preference. Both sides can try to come up with every reason under the sun why their way is best and any other way is blasphemy, but really, if you can find the games you want to play on whatever it is you want to play them on, then there's no reason to argue further. Personally, being a hardcore (J)RPG fan, Consoles hold more of what I want than PCs do. Now that doesn't mean I'll go out of my way to get a game I know was intended for PC (*coughDAcough*) but make sure I get it for console. But in the long run, Consoles have a bigger library of stuff I enjoy, plus a much larger, much more enjoyable history with me.