I for one have never really seen the point behind spending thousands of (pounds/dollars) on a gaming pc capable of playing the latest games, only to be surpassed within a few months.
As things currently stand, it's actually opening PC gaming to a far wider audience as the price of an adequate gaming rig is quite reasonable.
Also, i'd rather have longer and better games than I would slightly better looking ones. And even still, games with modding support can often receive graphical boosts down the line anyway.