Despite the versatility for PC, from purely the gaming stand point:
I can lean in my PC version of CoD4. I can play online for free and without any lagging. I run and make mods for most games (for free). I can make my own games for the PC and not have to pay a million bucks for a developers kit and licences to use it. I don't have to pay three thousand rand to get some chip installed in my PC if I wanna run 'backups' (read 'torrented') games. I rarely have backwards compatibility issues. in a couple of years, I'll be able to play 360 and PS3 exlusives on my PC anyways once the emulators are working. It's very rare that something breaks, and if something does break, I don't have to replace entire machine, just the one part that was broken. If I want more hard drive space, I can buy my own harddrives and put them in myself, I don't have to replace the entire machine. If an online server gets hacked and needs to shut down, there are always others I can use. If I feel so inclined, I can run two different games at once and switch between them at a moment's notice.
What can consoles do? You don't have to install... oh wait, yes you do.