You're parameters are screwy.
"and good enough for most applications "
You don't use most applications on the console. Do you use excel? audacity? Can you write and add any mod you like to minecraft? Use it for your email?
IN your example. the console would be the dragster. It's the specialized device.
I have a PS3, and Xbox, and a Wii. Looking at life time and usage, the PC's are cheaper.
Anyway, I was talking about technical play-ability.
Example: On a PC you can make tighter turns. I think it was Gabe Newall who did a technical write up on that issue when discussion getting PC players and Console playing together. The solution? make PC client slower. In effect lower PC's to console level
On a PC response times is quicker.
If you never play more technically intensive games, you would n't need to upgrade a PC either.
My rigs generally last a as gaming machine about 5 years. I am just now going to upgrade my sons machine, it's 7 years old and he plays SCII, TF2, minecraft, does movie editing, CAD, and garry's mod, and Crysis. The machines cost 800 when I built it, with one upgrade of 125 dollars for a new video card over 2 years ago
Console are better if:
You want to do head to head on the same screen with someone
As a living room entertainment appliance.
This is what one would expect. The console is an appliance. It has all the pros and cons of an appliance.
None of this has to do with personal enjoyment. Like, dislike, good, bad, these are all different things.