Have lurked at TPU for years, one of my favorite tech sites, especially the BIOS repository which has been gold since I love to BIOS mod low end cards. Finally decided to join.
This has been an interesting discussion. I am on an extreme budget due to health issues, and many of my friends/acquaintances are in the same boat where money for high end hardware is not happening. I'd rather spend my money on supporting the game developers (I watch for lots of sales) then buy expensive hardware and have no money left for games. To me we are in the golden age of cheap computing and good gaming experiences if you have reasonable expectations. I've built many $150-$300 systems that have brought joy and entertainment to their owners.
My current system which I have around $150 total invested is an old Dell Optiplex 790. It came with an i3 2120 which I sold for $20 and replaced with a Xeon E3-1220 for $15. This is a Sandy Bridge quad-core, 3.1GHz with 8MB L3 cache. I added 2x4GB to the 2x2GB already in the machine to get it to 12GB.
Video card is an OEM R7 450 4GB GDDR5 I paid $24 for. Basically the same Cape Verde 512/32/16 GCN 1.0 GPU as you'd find on an old HD7750. I spent time BIOS modding card using the great VBE7 tool and undervolted GPU from stock 1.2v down to 1.050v with a slight overclock to 950MHz. Memory runs at stock 1125MHz. On newer games the 4GB of memory is actually quite useful even on such a low end card.
My eyes suck, so I use a Samsung 24" TV/Monitor with 1366x768 resolution. I love it, I do have to scroll more yet with the low resolution text is big and easy to read, and with the low resolution I can game on my potato card no problem. For me as long as I get 30FPS or above I'm happy. In fact I set the Frame Rate Target control to 30FPS in the driver for all games. GPU temps never go above 65C even in the most demanding games.
I have recently completed Far Cry New Dawn (medium settings - uses 2.5GB VRAM), Wolfenstein New Colossus (medium settings - uses 3-3.5GB VRAM), Doom 2016 (medium settings - uses 2-2.5GB VRAM), Metro Exodus (medium settings - uses 2.5-3GB VRAM) and am working through Far Cry 5 (low/medium settings, HD textures on - uses 3.5-4GB VRAM). All of these games play great on my potato of a system using a low end 2011 quad and a low end 2012 GPU.
So while I and many others would love to have a high end 8+ thread CPU, I think for most average people a quad with decent IPC is still quite viable. I have yet to be limited by a quad for my gaming and usage patterns, and other people I've thrown budget systems together for say the same thing.