Yeah, the initial cost of the hardware for PC gaming is far from cheap. Cheaper games rarely make up for it.
But if you need a computer for other purposes then it poses much better value.
Also, multiplayer on PCs is online-only by a large majority. Therefore, unless you have other PC nerd friends to play with online or in a LAN (which is EFFORT compared to simply using 4 wireless controllers on a console) you're stuck to playing on your own or online with people you don't know.
It depends on the game. I've been having a blast with DiRT Showdown in splitscreen with a couple of wireless X360 controllers hooked up, outputting to a 42" HDTV at 1080p. Consoles can't even come close that level of visual fidelity. And I play 4-player local PC games like NBA2k11 and Virtua Tennis 4; along with 2-player games like Super Street Fighter IV, Beat Hazard, Shank 2, Bionic Commando Rearmed, Renegade Ops, etc.
I agree that consoles have many good exclusive titles - and many limit split screen only to the console version - but I just find the step down in visual quality too much. It's like the Halo series - I really love the concept but the graphics are terrible and I hate playing FPS games on console. If they were on PC I'd snap them up in a second. The difference is like stepping down from a X360 to the Wii - sure the Wii has some cool games but it's hard to take seriously.