As for PC's, you don't have to always keep updating. If you just want your graphics to look like an X-Box 360, then just buy a 9800GTX. They run for about $20 USD now-a-days. Hell, my GTX 570 trumps the 9800GTX ten fold. The only reason I upgrade every time a new one comes out, is because I'm a PC Elitist. I concentrate a lot on Benchmarking, Overclocking, and Folding, and in order to get better scores, etc, you'll always need better hardware. ALWAYS. If you're not into any of that and all you want to do is game, then there's no need to purchase a $2,000 USD computer.
That's still a problem though. I have no idea what a 9800 GTX is, I would have no idea to install it into a computer, and to top it all off, I have no desire to figure any of that out. It's just so much better and easier to grab your system and know that any game you buy for it will be automatically compatible, and that's exactly what you get with a console.
Plus, I have no idea how some upgrade like that can only cost $20. Before I had an Xbox, my brother and I would sometimes experience issues with certain PC games because our computer wasn't good enough to run them, and when my dad would try to find the right upgrades for us, they would sometimes cost over $100, which is absolutely ridiculous.
you can purchase your games legitimately AT A CHEAPER PRICE than what console games are sold for.
I've never seen console and PC games being sold at different prices.
Sure, we may not get console exclusive games, but really... how many of them were that great that you just HAD to purchase? I've only encountered ONE in the past few years, and that was Red Dead Redemption. Other than that, I haven't missed out on anything.
Well, my console exclusive games include Fable 2, Dragon Ball: Raging Blast 1 & 2, and Castlevania: Lords of Shadow. To me, these games are well worth their own price, plus the money I paid for my Xbox. In fact, Fable 2 was the main reason I bought a 360.
They're in the works of making a Fallout MMORPG.
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Oh jesus...