Let's see how that 500$ console compares to a proper 1500-3000$ gaming PC before getting excited. 
That's easy. The console will (on paper) be less powerful and less versatile, but be easier to set up and maintain, while at the same time being able to use the power it does have more efficiently.
Then ... 1-2 years later... let's see how appeals that same console is next to that same PC... that now costs less than half as before lol.
Is that true though? Does PC hardware still depreciate in value that fast? I know that that was true ten years ago, but it seems to me that things have slowed down quite a bit since then.
(Also, the Console will still be more straightforward to set up and maintain while the games available will make increasingly better use of the hardware, whereas the PC will still be underutilized in all but the most extreme setups).
The whole point of consoles is low price mass market penetration. Whatever quality advantage they may attain, if they ever attain any at all, will always be short term and limited to the budget segment.
I don't think that's quite right. PCs and Consoles occupy different pieces of the gaming pie; Owning a PC does not preclude you from owning a console. While you can make games of all genres for all platforms, some genres have historically been more successful on different machines; I don't see that changing in this generation.
Ultimately, I believe that the question of which system has the better hardware is irrelevant. Given enough time, the PC will always have the bigger numbers (of cores, of transistors, of frames per second, whatever), but the Consoles will still be able to be competitive because noone can be bothered to target the theoretical high-end PC market.
The question, for me, is not "Will this 500 Euro Console be able to keep up in the Hardware race with a PC that costs three times as much?", it's "Are there enough games coming out on that platform that I want to play but that aren't available on PC so that buying the Console is justified?".
PC gamer built a comparison PC for £430 at current tech levels. When the consol actually comes out what are the chances of this coming in under £300?
http://www.pcgamer.com/2013/02/21/pc-gamer-vs-playstation-4-theres-only-ever-going-to-be-one-winner-right/
Aaahahahahahahaha
Yeah, no.
Several things missing there.
1. No BluRay drive (I see his rationale for excluding this, and I would agree, were it not for the fact that the PS3 sold as well as it did partially because it was and still is one of the best BR players on the market!)
2. Getting a case and a PSU on 50$? Suuuuure. Because those are going to be quality pieces of tech.
3. No operating system.
I mean, the PC I am building is closer to the PS4 spec, and it costs ~600 Euros (and that is without the Bluray and OS!), with the extra costs being caused by using a better (i.e. more reliable) mainboard and PSU.
Also:
Who cares if Uncharted 3: Drake’s Colonic or Wet Rain don’t appear on the PC, have Sony got Antimatter or PlanetSide 2?
I DO! Because Uncharted is pretty damn cool, and a kind of game you don't see very often on PC. I don't know if PlanetSide 2, good as it may be, is an adequate substitute.