The advantage that consoles have over PC is also the disadvantage: they hold technology back. You can spend $300-400 on a console and play most of the new games for the next 5-7 years with at most a hard drive upgrade. $300-400 PCs... No such luck, and to get even CURRENT games on a PC of that price you'll need to do a good deal of bargain hunting, research, and have the required knowledge to build it yourself.
Not saying consoles are better, they are seriously lacking on a great many levels, but they do have a reason to exist and I see nothing wrong with the people that prefer them.
EDIT: after looking over a few replies again, I figured I should mention this: I am mostly a PC gamer, other than portable systems, but I never mod my games.