im going to have to Dissagree with you there and heres why.
yes ill agree that you can buy the top of the range Gfxs cards Add more ram ecta and make Games look amazing, but my house mate has recently baught 2 new ati gfx cards and i have seen him play Cod WAW full spec and it looks amazing.
i wanted to see what it would be like on the Xbox 360 so i borrowd a copy and i was stunned... the fact that the xbox 360 console is still useing the same gfx card ram and processor. the Xbox console was released in 2005 4 years ago and yet the Display of Graphics is still outstanding today you look at the Pc hardware 4 years ago they were no where near the level the xbox is today.
but i will say this in the next few months with the new release of Better graphic cards the pc will over take the Xbox 360 and in some games it already has, but when the next Xbox is released it will be another 4 years before the pc can catch up

End of the Day consoles in a whole are best designed for Beatem ups , hack and slash games, and raceing but for first person shooters i would leave that to the pc.
Pete is right on about the Precisson Needed in Fps should be done with a Mouse and keybord but thats about it in my opnion.
end of the Day , if you was to have amazing looking Graphics in your games buy a Xbox 360 but if your that hard core Gamer that loves nothing more than Drilling your enemys full of Bullet holes Get a pc.