Graphics do not equal compelling gameplay. Gameplay is paramount. See Cave Story.
Consoles deliver a reliable experience. You do not have to update three drivers and toggle video card settings in the vague hopes it will alleviate an uneven play experience, which is more fundamental to enjoying a game than how good it looks when running at normal speed. A good PC experience is equivalent to a well-made console title. The difference being you usually have to work for a good PC experience, whereas console titles are either well-made (God of War 3), or poor (Orange Box, PS3).
"They that can give up essential liberty to obtain a little temporary saftey deserve neither liberty not saftey." -- Benjamin Franklin, 1759