Due to the ability to constantly upgrade components, the PC will kick the crap out of any console. Once a console is released, the hardware becomes static and is only 'upgraded' when you buy a new unit - which you have to wait for the manufacturers to produce (anyone else remember the wait for the N64?)
My current PC is far more powerful than my PS3 - and console games suffer from being 'dumbed down' to work on them. Farcry, for example, had killer AI on the PC, but on the consoles the AI couldn't figure its elbow from it's ->-bleeped-<-.