I'd rather sit in a nice leather chair at my desk than squat on the sofa at the telly.
The consoles will appeal to different people, games accross different platforms can be different. I have played games on the PS2 and then on PC and the PC games have looked fuller and richer. My PC hardware is nothing special and is old by any standard.
PC's are much more versatile and can be used for thousands more tasks than games consoles. I think basically too that because of hardware prices falling, people will buy both, have their PC and their games console.