XBOX vs PC

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With the new generation of gaming experience and with the advent of gaming consoles such as XBOX-360 and PS3 ,is it worth to spend that much money to buy the gaming console as well as a Plasma or HDTV.. Or anyone can experience the same gaming expereince on a general PC with a high end graphcs card and a Lot of memory..the amount which we spend in the console and the TV ,we can spend less than that in buying a high-end graphics card.. The comming of DirectX 10 will have any effect on the gaming consoles ????