When I was in college for Music, my professor gave us three chords to work with, and only three, and we were supposed to come up with a song. When someone asked him why we'd do that instead of just using any notes we wanted, he said because sometimes you can come up with more within limitations then you can when you have none. He worded it better, but you get what I mean. It's why some movies that cost 11,000 can be better then a movie made on 20,000,000.
So it's kind of a double edged sword. The PC is always updating, never slowing down. So it's always getting higher and higher. It's in constant building and rebuilding. Consoles, however, are all on one setting all the time. They don't get better as time goes on. But, the trade off is that while PC's always have more and more power for graphics, the Consoles get more polished visuals because people know what they're doing with them (this was the case for God of War II, according to some Gameinformer article I read.)
I think it's possible that consoles could reach the point that when they come out, they're better then PC's graphics, but it wouldn't stay that way for long. I'm actually ok with this though, as graphics are not even half the pie of gaming for me, but I don't like being unable to play a game because my PC isn't up to snuff. I hope that consoles never get to the point where we have to worry about upgrading them, because then I'd be in the same place I am now with my PC. Although at that point, I guess I'd just go back to my Dreamcast
