If you are thinking from a pure gaming perspective a PC offers a completely different experience....you are directly in front of a monitor, which can certainly be a more immersive experience. A console, I don't feel, was ever meant to usurp that experience. Consoles offer the relaxed, couch, friends and family experience. Microsoft and Sony both realized last generation that they could add value to that type of experience(couch, friends, family) with non-game content. Netflix, ESPN, a full movie library to purchase and rent movies from...this was the kind of thing that would make someone who isn't really a gamer buy a console.
So really for me, it will always be too different animals, not only in the gaming experience (PC = personal/immersive, Console = social/casual), but also in terms of breadth of user experiences. Sure you could watch a movie on Netflix on your computer, or hook your computer to your TV but most consumers aren't going to do that, or take the time to figure out how to when a console could do all they want for them.