In the end, consoles are money sinks. They have $400 price tags on launch day, $60 games (PC games are generally cheaper by $10 and more accessible via digital download), and then, well you just NEED the service that comes with them too, right? (PS+ is far better than XBL, I'm sure we're on the same page with that) On top of needing to pay for internet every month, with XBL you need to pay another fee just to use multiplayer for the multiplayer game you just bought? Hey, PC does that with JUST the internet connection (you're being had now!). So let's say you've owned your xbox or PS for 5 years and have the subscription for gold ($40/yr) or PS+ ($50), you've paid $200, and $250 respectively. On top of the initial cost of the system you're talking $600 and $650 for these systems, which you then have to replace when the next gen comes out (PCs are less expensive to upgrade when done intelligently). And when your console breaks down/red rings, then what? You might just have to buy a new one in some cases.
The "best" argument I hear for why consoles should continue to exist is so "I can play on my couch". You can do that with a PC, but I'll give you that argument. I sure ain't lugging my couch to my desktop or vice versa, and I don't like long cables running across the living room. Consoles hardly save you money over just buying a good gaming PC, and at least if your PC goes bunk you swap out a part and it's all good again, unlike your console. They make great gamepads for PC too (see: razer, logitech) so the comfort level is quite literally the same. Losing the console market would place heavier emphasis on the standardization of gaming platforms imo. Maybe that's not true immediately, but where platforms are concerned, less (quantity) is usually more (focus). See iOS vs. Android. Every little feature they add to consoles just makes them more like PCs each year. This generation will be no different. I've given up on consoles and the exclusive games aren't attractive to me. If they are for you, well then I can't argue you can't like those games. I'll stick with my PC which will save me more money on games in my life time and will play the games in higher resolution, with better graphics, and still feel the same to me with my Onza gamepad. And I won't have to buy a whole new one when the next generation of games comes out either.