The tides seem to come and go with the console generations. As much as I hate to admit it, consoles are pretty much dictating the technology threshold within a given time frame. Games are frequently developed with the consoles in mind first, then get ported to PC. That said, PC will always have the edge; in terms of the current generation the PC counterparts often sport additional options like higher resolutions, better quality textures, etc.
This trend has resulted in a very slow progression, not quite a standstill, in PC hardware as well consumer interest in it. Frankly, I felt it was a much needed hiatus from annual upgrades. Pretty soon, we'll all start to feel the itch for new tech and the hardware that can pump it out at high framerates on our screens. With the next gen consoles around the corner that time is coming fast.