I started out with consoles, working my way up from Atari, but now I've become pretty much a PC gamer. I used to LOVE console gaming but I don't know what happened. Every time I try to get back into console gaming, I end up only selling(Dreamcast, GCN, PS2, GBA) the console a few months later. I'm gonna try to get back in with Revolution and I currently have a DS. I'm waiting for DS to get some RPGs as I've had it for maybe a month now and only have Meteos. Come to think of it, since it can play GBA games, maybe I'll pickup the Fire Emblem since I enjoyed the first GBA version.
I think another thing that put me off from consoles are the price. Once $299 as a launch price became the standard, my interest in them pretty much died down a lot. When I weigh the two, I figured a PC would be a better investment seeing as how it does a lot more than just play games. I also believe PC games have stronger legs(replaybility) than console games because of the mod communities that form around a game. Like someone said above; you can fire up a game like DOOM and still find people online to play against.
Speaking of console prices, if PS3 or X-Box360 really does see a launch price greater than $299, I'll probably become even less interested in consoles. One of a console's strongest selling points as opposed to a PC should be it's price. If they keep up this blasphemying( :lol ) by adding computer-like features to a console(highend graphics chips, broadband adapters, USB ports, harddrives, etc.), well, you're not gonna really have a game console any more. You're gonna have watered down PC with a bloated price.
EDIT: My only regret leaving console behind are Japanese RPGs. I really love Japanese RPGs, especially ones with 2D sprites or a mix of sprites and polygons(Xenogears, etc), but sadly they are almost non-existant on PCs. It would be nice if Japanese devs who make PC games would bring them over to the U.S. There's a HUGE untapped market there.