Well, considering what console graphics look like currently - I'm actually prepared to believe their statement. These days it seems you need twice the PC power to do what consoles do now on their own. Maybe it's because the PC is a multi-tasking platform whereas the consoles are dedicated towards gaming.
But consoles are also becoming more integrated and are used for more than just gaming these days. At the end of the day however, what are modern-day consoles other than slim-line PCs? Considering that statement, it is amazing how much developers can accomplish of they are certain of the hardware that they are developing for. Perhaps the "custom" factor behind PCs is its biggest downfall.