At the end of the day, consoles are cheaper, offer a bigger variety of games and can be played on massive 1080p televisions.
Mostly true, but I'd like to note that I often play my PC games on a 50" plasma and it's not that difficult. Most video cards that can run games these days have component outputs if not HDMI outputs.

literally spending days trying to get it to run properly
This is a huge problem, especially with crappy console -> PC ports. It's similar to the arguments about Mac vs PC. Macs don't make you work as hard to just be able to use them and why should a computer be much more difficult to use than anything else we use daily. On the flip side, if you are a knowledgeable PC user you get more out of it in terms of customization, lower cost, infinitely more 3rd party software, etc.

But why should we make that fight with getting our games to run. Unless it's a game that gets huge benefit from user created content (Sims, Oblivion) there's no need to fight it, though there are obvious reasons it's worth it in some cases.


FPS's are good and all but I think those should stay on the console.
I think this can definitely be argued in both directions. PC will always allow you to react faster with a mouse to aim than any control scheme with a controller and auto-aim is in everything these days and gives a lot of people grief. That said, I remember loving Golden Eye and having no significant problems with it. Obviously a lot of people love Halo. I think FPSs work equally on both platforms, but the design aspect of a given FPS can be tailored more toward one or the other.

So I could spend the $50 here and there for a new game but I couldn't dish out a couple hundred for a new system and new games all at once. It just wasn't an option for me.
This only holds true if you view it as a bulk purchase in this way. The same could be said for gaming PCs and to worse effect. People will argue that a good gaming rig would cost far more than a console. Sure when you buy the console at first it's a huge investment and it seems like you're paying around $400 to play one game, but long term you'll have a library of games. Divide out the cost of your console (specifically if it has other functionality like Blu-Ray) and it seems a lot more reasonable.

If you want to keep up with current gen games on PC you'll be shelling out a bit of money for PC upgrades along side the games anyway whereas consoles are a fairly flat rate and will work for half a decade.

While PC gaming has been a powerhouse in the past, history always slot you a place in the future. Remember when Gateway was the PC company? Remember when portable CD players were the way to listen to music? If something supplants an old tech that tech can either adapt or die.