I went right off consoles. My last console was a Sega Dreamcast, which I do love and is still next to me...
But you say it's so expensive to keep up to scratch with PCs? It's not much different from consoles - there seems to be a "new generation" out every six months. I'd rather the minor upgrades to my PC than buy yet another console. You don't have a certain spec for a game, you buy a part (and this happens rarely - game minimum specs have been very static in the past few years). Don't have the right console for a game, you can't upgrade the console; you have to buy the next console.
But really, the reason I'm not into consoles, is that I can get my fill of the games I'm into with much better control on a PC. I like strategy, management and RPGs. Have you ever played strategy/management games on consoles, it's stupid - trying to navogate a mouse pointer with your D-pad. Or get a mouse peripheral... Why? when your PC has one already! RPG's can be good on consoles, I must admit, but tha'ts the only reason I bought the DC - for Skies of Arcadia, Evolution, Grandia and PSO (and, erm, Sonic). But I still prefer that greater amount of instant control you get at a PC. An RPG on a console: select item from backpack: press L1 to open pack, shuffle through pages using < or >, then select item using /\ or \/, then press red to confirm. On PC: Click backpack, click item, taadaa.