How many consoles actually have a full
worthwhile 10 year lineup? By the end of this year, there won't be anything worthwhile coming to the 360 and the PS3. Same thing happened to the PS2 when the PS3 came out, within a year, the only games coming out for it were the annual releases; FIFA/PES, WWE and shovelware.
A PC with a Core 2 Quad (Something like a Q6600) and a GTX 8800, which came out around the time of the PS3/360, will still be able to play games on medium/low settings at resolutions below 1080p, which is very similar to what the PS3/360 can do. It won't be able to run certain dx11 only games, but there aren't many of those out there anyway. Neither will the 360/PS3 though. I think the versatility of a PC, even one that old, is still way more useful than a "dedicated" console.
Let's say you saved the amount of money a Xbox Live Gold membership would cost for the 8 years you had the console, which is about R500 a year x 8 years = R4000. With that R4000, you could adequately upgrade the PC so that it could play newer games at 1080p on medium settings. Hell, the money you would've saved on games with steam sales/humble bundles/gog sales/whatever would have been enough to upgrade it.
Maybe I'm just crazy... 