This debate has been raging since the early '80's if not longer, and it's not going to be settled anytime soon, however I found an interesting article about the subject.
Since I've gotten into The Elder Scrolls series, I've been poking around the site to familiarize myself with the game universe, and there's a great older article from the developers about PC vs. consoles, since The Elder Scrolls III: Morrowind was released on both PC and Xbox.
Here's a quote:
Many times a really good PC game makes a bad console game because of a bad technical fit, whether it's speed or memory. Overall the main things to take into account when doing a console game are -- 1) the controller; and 2) it's on a TV. Other than those two, the fact that it is on a console has nothing to do with "good game" or "bad game."
That is so true, and while a bit of the article's points are dated now, the core concepts still apply today. For myself, I've pretty much gone over to console gaming. This quote here sums up my thoughts rather well:
So which version is better? Depends on who you are. Do you like to play first person games with a mouse or do you like to slouch back on the sofa with a controller? What kind of premium do you place on graphics and performance?
I prefer comfort over the mouse these days, and I've always favoured strong gameplay over pretty pictures. At present, I'll be sticking with my Xbox for a while, and I figure I'll be making the jump to an Xbox 360 and a nice LCD widescreen TV during the course of the summer, depending on how long it takes me to go through The Elder Scrolls III: Morrowind - Game of the Year Edition.
If you're interested, you can read the whole article right here.