You plug it in, turn it on, drop in the CD/DVD/cartridge and it works.
No half hour installations, needles restarts, patches that take several hours to download and install...
You evidently haven't used a console recently, I've experienced all of the above with mine.
Not to mention the fact that my 4 month old 360's DVD drive decided to die recently. Now I have to piss about with Microsoft getting the console replaced. If that takes 2-3 weeks, I've lost 2-3 weeks of gaming. It usually takes me on average 30 mins to install a pc game&patch (10 hours a year), and a day to get a new DVD drive, I can live with that.
As far as needing to buy new hardware for new games? I buy a new gaming PC every 4 years, Halfway through my third cycle. I have *Never* needed to buy hardware to play a new game (Excluding of course, the rise of 3D Graphics-Once). I've had to turn settings down a couple of times, but never to the point where poor graphics interfere with gameplay ( In COD4 multiplayer I used to keep all settings low out of preference, not need)
I Spend Â£500 every 4 years. Even if every PC game I bought was available on the consoles I'd spend WAY more on the extra cost of console games (20 Games a year average, Â£10 extra cost due to console tax is Â£800 extra, not including the cost of the console)
I Spend a LOT more money per console in the long run than I do on my gaming PC, despite playing about the same of games on all of them.
Consoles are good, So are PCs. Your arguments alas, are not.