This is probably one of the most contested discussions, which is the better gaming rig? there are 2 main choices PC gaming or Games Consoles. Lets start with PC gaming, PC gaming is on a whole much better than Games consoles, but the main problem with a PC is the cost to build and the cost of upgrading, the main parts of the PC are relatively inexpensive the main cost to you is the graphics cards, at the moment you can have 2 graphics cards in 1 PC.
But at a cost of an Nvidia Geforce 8800GTX of approx £300, if you had 2 of these the PC is already at a cost of £600 without adding any of the other bits to it.
SO all in all a decent PC gaming rig would cost you circa £1000 and thats just the basics, we could talk about water cooling and overclocking but then the price does go up!
Games consoles are much cheaper than the PC gaming rigs but in my opinion they have 1 fundamental flaw, and that flaw is the lack of accessibility with the Internet, Yes the Nintendo Wii can access the Internet via the opera browser, but its no contender to Firefox or Internet Explorer, the same goes for the Sony PS3, without the full access you get with a proper PC the internet on a Console is only good for 1 thing, keeping the Games console software patched and up to date.
If you have ever tried to play a FPS such as Call of Duty 4 online on the games consoles you will see the controls are quite difficult to master, but try the same game on the PC and a whole new world of gaming is opened up to you.
Consoles are quite honestly a poor imatation of the PC gaming rig, and all the talk about the PC rig is on its last legs is totally unfounded, but that is my opinion :P