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Gamers with Jobs has an interesting article on the future of PC gaming, a subject near and dear to my heart. Although I own all the current generation consoles, I still come back to PC to play a ton of my games.
There are some titles that generally work out better with a controller in your hand (mostly franchise leaders like Mario or Zelda), but for first-person shooters and the like, there's nothing like a mouse and keyboard. Games like Fallout 3 or Bethesda's previous entries in the Elder Scrolls series also lend themselves well to the PC, simply for the huge mod community and editing tools packaged with the game. Graphically the newer systems are more than capable of keeping up with mid-range video cards, with the highest-end PC cards costing more than a Playstation 3.
Still, I think PC gaming is here to stay, even if it starts to be the exclusive domain of the hardcore strategy player, I'll be there.