My brother had his Xbox360 over to the house, and I had a chance to compare a game (Saints Row 3) against my PC plugged into the TV. What I've been taking for granted with a modernish PC (AMD 965 CPU, with a 6870 video card), has graphics so far more advanced than what the 360 can put out it's amazing. The Xbox One and PS4 will have the same sort of graphics as this (and it's much needed), but will stay at this level for another 5-8 years while PC technology increases.
DRM on the PC side seems to have come around in the last few years. There is much less of a concentration on number of installs and such, many games patched to remove those types of DRM. Steam's DRM is unobtrusive and welcomed by many gamers. Yet the console makers want to get even more stringent, letting you register a used game for only $52. Yeah, I'll wait 3 months for it to be 25-75% off on Steam, thank you very much.