Thing is though...a PC is not just for games. Its a PC. Which is not true of consoles. Its games. And apparently it works as a cable box now, too. As for these consoles...all indications so far are that the silicon is more or less equivalent to a couple generations of video cards back. Like when the PS3/360 came out...they were about equivalent to a 7800-7900 GTX. Which was already becoming rear view mirror stuff at the time.
All we've got is a tflops number from Sony...a number which is really kinda unimpressive compared to even midrange PC hardware. True, its not the best measure of rendering performance, but its all they've given us. The MS tflops measure is 30% less than even that. Really the advantage there is optimization and gamers that sit far enough away from the screen as to not demand AA so loudly.
So no, even building a midrange system would be an easy win. A high end system is as much an example of wild overkill today as it ever was. (Scope out the GTX Titan at 2.5 times the power of a PS4 Yes. I know its expensive. Which is why I call it overkill.)
Running a PC game at console resolutions and framerates isn't at all hard. Doesn't take much. I never run lower than 1920X1200 and I've been using the same 5000-Series graphics card for years. These days...why upgrade? The consoles freeze graphics development in the past for years at a time. Which ends up meaning I can run at far higher resolutions and framerates even on years old hardware.
This is just me. Obviously its not the best fit for everyone. There is now an entire generation of gamers who simply don't know how to use a mouse. Its like they never learned to ride a bike without training wheels. Anyways...its just the reason I personally don't have any great need for consoles anymore, if the rental thing is done. Its subjective. I can think of a more interesting way to blow 500 bucks: