I can see this argument going on for quite a long time. I own 2 next gen consoles 1 which is the xbox and i have quite a powerful pc in their own respects both the Xbox and the Pc are ace here is my opinion

The pc while it has the power of being infinatly updated to become more powerful and constantly playing better games etc. still has its disadvantages for example:
A pc can be very easily one of the most annoying things in exsistance if it screws up like getting a virus or stuff like spyware although this is easilly fixed with the respective anti programs.

There is also the problem of which some games will not work because they are: Too new, too old or just being plain annoying unlike on a cosole where the developers of the game know exactly what they are working with!

As for the Xbox, It is already a very powerful console but it lacks the pc's ability to be updated so that more power requiring games will not run although i own a copy of doom3 on xbox and pc and i noticed that the graphics and all other aspects of the game on the xbox are around the same as running on High level on my pc with less slow down! Obviously this could be put down to my pc but still i think that is pretty amazing considering how long the xbox has been going.

Obviously one of the biggest downsides of the xbox is that it will be rendered obselete by the next generation of consoles but that is to be expected.

As long as the Pc lives there will always be consoles to oppose it and create these topics but in this discussion i cast my vote to the... Xbox just simply because the Pc costs too much to maintain and keep in top performance!