Consoles, by nature, have to be in development for years. They have to develop an OS, balance pricing features, and thus are stuck with technology that was "new" when the cycle began. All of this makes sense.
I buy a console I expect:
1) Instant gaming
2) 0 technical issues
3) Uniform graphics
4) Ability to play games with only a disc, and no installations
I buy a PC expecting:
1) The best graphics
2) The most accurate input
3) Installation issues
4) Patches. Lots if it's a Bethesda title...
The problem is that MS, Sony, and Nintendo are all moving towards the negatives of PC gaming, without getting better. PSN and Live are painfully backwards. Online codes put up a wall between me and my games. The installation of a game on my hard drive might speed things up, but there are still painfully long loading time.
Nintendo announcing that they are finally moving to game discs larger than a fly's nut is nice. Having a graphics card that can actually drive a 1920x1080 monitor is nice. The problem is that nice won't cut it. Nintendo needs to step up and either integrate itself better into the media center role, or function like an old school console (and just work). MS and Sony both understand that 1080p is a minimum graphical requirement, but they are still working on the experience.
For the time being, the trade-offs for PC gaming are better than that of consoles. Less unique AAA titles, but I'll take less exclusive games as long as they actually work.