Xbox, PS2, Gamecube, GBA consoles bought at lauch, multiple controllers and memory cards for each, along with the prerequisite component cabling other HT stuff = darn expensive. Actually cost as much than the quality gaming PC built in late 2001/early 2002. That PC lasted me, with three upgrades (one CPU/mobo upgrade ($220), one midrange video card upgrade(read: $170) , and one RAM upgrade ($100)) until I went to a Core 2 Duo system and a complete system overhaul. Actually, I did by a $40 mouse somewhere in there too.
I usually got a lot more out of my PC games because of the good online features and free downloadable mods and usermade stuff. When I compare how much I got out of, say, my money spent on a game like Halo versus the time I put into a game like Neverwinter Nights and it's usermade stuff and expansions, it has to be 20x more the latter.
I played two MMOs over that period heavily as well-Dark Age of Camelot and WoW. I pretty much didn't buy anything else at that point while playing those games.
So yeah, enthusiast PC gaming turned out cheaper for me. Now that I don't play MMOs, I'm still finding it less expensive-when you buy a few games a month, the difference between a $30 newly-released on sale PC game and a $60 MSRP console game add up fast.