PC.
Reasons are as follows:
1. PC is where the defining standards of many of the consoles came to being. Oh sure we had Atari and the like back in the hey day of the late 70's and 80's, but it was the PC that started the drive to faster hardware which opened the doors to these fine graphics and game engines we see on both the PC and consoles.
2. To me, the TV is for just that, watching TV or movies. Tho it is very nice to pipe the video from a console or PC into a 63 inch Grand Vega and be in awe at the sheer size of everything, at some point the better half or little ones are gonna want their TV back! (I hate having pots and pans or little toys thrown at me!)
3. Only recently has consoles had the ability for multiplayer via the net. And even tho some do now, they are limited. But in a way its a trade off, the console doesnt have to divert resources like a PC does, thus can focus on the game being played, while the PC has to have resources just for the OS to run. But the PC is versitle, I can not only play games, but I can watch DVD's, or burn DVD's, or make CD's, or play CD's, or websurf, or chat in forums like this one. Putting the PC and console on a scale of balance...the PC would tip that scale in the "things it can do" department.
4. A console clutters up the living room floor, gets kicked around, coke or coffee spilt on it, control cables tugged and pulled till they break. I am a technician and I see consoles every day at my shop, and the most common problem with them is either control cables broken or controllers mashed up, discs scrached and marred, or tons of dust inside them. Ive seen more dust and dirt inside a PS2 and X-Box than I have inside a PC. From a service point of view, a PC is more easily fixed than a game console. Chances are...the console might be unrepairable if the optical block dies out and they no longer carry that particular optical block. That ruins the entire console and becomes useless. On a PC, if the optical block dies on the CD or DVD drive, you simply replace the drive, not the entire PC, thus I can still do things and play games on the PC with a dead CD or DVD drive. Even a HD failure doesnt require replacing the entire PC unlike having to replace the entire PS2 or X-Box.
5. A PC can be beefed up...a game console cannot. The only way to beef up a game console is to buy the newest model beefed up by the factory. With a PC, you just waltz down to the PC store and get what you need, slap it in and your up and running. Try putting in a faster CPU or memory in a game console!
But I have no doubt that within a very short time..we will see these game consoles developed with abilities that the PC has, perhaps even ability to upgrade them or improve them like we can with a PC. However...I find it puzzling that X-Box is just like the other consoles. Once you buy it, you get what you get. You can add save game memory, maybe even find someone who can install one of those crazy chips to let the thing do tons of other stuff, but until these consoles have the ability to do more than just play a game or play a movie, I will stick with the PC for the games, and the TV and DVD player for watching movies.