It's great for PC gaming for say the next 4 years, for the first time in ages all AAA games will make decent use of a graphics card/features (with PCs running higher res + less optimised) . After that it will be dire and stagnated again. That is IF these consoles last as a major force past then.. the traditional advantages of consoles over PC gaming are a thing of the past erroded from both sides; your console has constant required system updates, a web browser, 0 day game updates, meanwhile your PC can now do instant-on, has proper controller support (360), an app store (steam).