I don’t think PCs have much to worry about. I remember back when the Nitendo 64 came out thinking that there was no way PCs would keep up. At that time 3D “decellerators” were still a joke, and Quake’s software rendering looked and ran better than anything hardware accelerated. Around the same time I heard some rumblings about a 3dfx voodoo something or other…
Consoles might have the leg up on PCs now, but 4-5 years from now when the current crop of consoles are still around and the next batch aren’t due for a year or so, a PS2 is going to look awful paltry next to your 3GHz Athlon3 with 1 GB of octal data rate ram, 1/2 terabyte hard drive, and god knows what video card. Running Linux of course, so D3D won’t be a problem 