Game consoles, will they end PC gaming?

I’m interested to find out what the new Xbox 360 and Playstation 3 will sell for. I doubt they will break the $400 mark, and could even debut at or around $300. Game console makers loose money on every console and make up for it by selling games, something that PC manufactures can not do. With the best video cards selling for more than a game console, and games that are pretty much selling for the same retail price, why spend all the money on a high end PC for gaming, when you could just get the latest game console and a PC w/o a $500 video card to do your day to day? In the end, it will be cheaper, and a lot less hassle.