It all really depends on how you look at it, and what time of entertainment system you want to be playing on.
I got the 360 at launch, and only had a really shitty, small SDTV at the time. I played on that for about a year, and some games were unbearable (Dead Rising,) and I just wasn't getting the full experience I wanted. I felt like I had wasted money in buying an HD console and not taking advantage of playing in HD, so I bought a new television. A $300, refurbished Philips CRT, and gaming was much better. So, I had spent $400 on a console, $300 on a television, and had a collection of maybe 6 or so games, which I'm sure I all bought at full price at $60.
I also have bought a PS3 and a Wii, so the prices I was paying for console gaming was definitely much more than PC.
When I first built my gaming PC a few years ago, it cost me a total of $1,250. I built it from the ground, the only things I didn't buy were a new monitor or speakers. Since then I've upgraded some parts, some upgrades I didn't need, and spent about another $600 on a new motherboard, CPU, graphics card and PSU. Only reason I upgraded at all was because my original PSU died on me and my graphics card fried. I'd probably still be using the same parts otherwise. I've also bought a new LCD monitor which cost $200. So, I've spent a lot on PC gaming too. The difference is, I don't just use PC for gaming though. It's nice having a beastly computer that I can run programs like Photoshop and Flash on quick and efficiently. Games are also cheaper, and in my opinion PC gaming is infinitely better control wise, graphically, and community. Piracy is also easier, if that's a path you'd want to take.
Also, I replaced my old CRT television with a 48" Samsung LCD about a year ago, and that cost me $1,000. A nice television for console gaming costs a hell of a lot more than a nice monitor for PC.
tl;dr: They're both fucking expensive, get a new hobby if you don't want to be broke all the time.