I don't see too many gaming PCs hooked up to a 100-inch screen...
I think I'll keep my Xbox 360 for now, but I DO appreciate the advanced graphics that are possible when you can upgrade a video processsor every other year. These gaming consoles tend to stay fixed for like 4-5 years - which means that around the end of the run PCs are looking pretty smokin'.
Remember Doom3 and Half Life 2 when they debuted? Made the current Xbox look like an Atari 2600.
What woud be nice is if Microsoft and Sony, et al would consider upgrading the graphics chips every other year - heck, they'd sell more boxes and games could easily (I'll bet) be developed to take advantage of additional polygons, atmosphere, frame rate and texture map capability when a newer chipset was detected.