Ok just gonna throw in my two cents. This is the first gen where consoles with the exception of the WiiU and handhelds (ie the PS4 and Xbox One) are completely out of my range of choice for machines.
The only reason for this is the value of the system over its life time. I regret this as there are some great exclusives I'll miss as I did this gen, but that is a sacrifice worth taking for me.
Intial investments from pervious years include monitor, speakers etc. The very same is true for consoles, hdtv, speakers etc
I go and build a mid-level PC for between (£400 -£500) thanks to the bonus of my case and psu, drives etc carrying over from the previous gens build. If this wasn't the case I could also start from scratch and build an entry level PC for (£450 to £500). Both of these machines would already be as capable or (more likely) more capable than the PS4 or Xbox One, something that hasn't been possible at this price in previous gens. But this isn't the only reason.
As time goes on, every two years I will upgrade. This cost is justified by the savings from what would have been spent on xbox live/ps+ and the fact that every game I buy throughout this period being below £10 with the exception of games that I consider must haves, numbering between 2 - 5 each 2 year period on average (80% of the time these are priced £20 or £30). So guaranteed saving is 2 years live/ps+ is £39.99 x 2 = £79.99 (I know that these subs can be bought cheaper but considering the price difference of games I will leave it as is for a guaranteed figure.
During the two years, I will find that more recent games no longer run at 1080p avg 60fps. On the PC I have the freedom to choose the temporary sacrifice to make in order to maintain what I feel is optimal for now (1080p avg 60fps). I like aliasing and 1080p and AA, so those stay. I maybe choose to reduce the resolution of shadows or the physics complexity, whatever I feel provides the biggest gains and least loss of quality. Never in the previous gen was this loss of quality worse than those on the consoles.
The two year mark is reached and I get to choose what to upgrade. Typically, I'm an nvidia guy who uses the gtx ?60 series of cards when they are priced between £150 and £200. An example from the previous gen, I sold my gtx 260 for £90 and bought the new one for £170 therefore a cost of £80, I still fell like I have saved here due to no subscription fees and this exceeded by my way of purchasing games.
As above what happens in the following 2 year periods is what decides what I upgrade, selling the old components and buying the new ones, maintaining that margin of cost.
Now what blows me away and will always keep me on the PC is that the upgrade I have made, not only allows me to play games at a quality that is now even more significantly ahead of the console. I get to experience the PC exclusive titles at a higher fidelity and the performance gains are further increased in all my previous games. In some games it feels like its a whole new experience with the increases in frame rate and graphic features. In the previous gen, the jump from gtx 260 to gtx 460 for example, brought in tessellation increases, that looked and performed incredibly. Going from fairly ok ocean and water simulations to out right epic ones was stunning.
Moreover, what really matters is that I think VR will be a big deal this gen. My upgrades, in theory will allow me to experience VR in the 90<120fps range at >1080P, an experience that will not be possible elsewhere at this fidelity.
Now obviously, this is just my case and it just so happens that how I purchase my games (through sales, bundles etc and probably now also through family sharing), allows me to do all these upgrades and experience better quality while still saving a ton of money. If your habits are different and you have no interest in playing your old titles or VR or RTS or whatever, then console are a good solution.
But all this combined with the freedom to also work and create, as well as experience the thousands of community enhancements and mods for games old and new, makes PC an even clearer choice than it ever has been in any generation prior