The only thing I don't like about consoles is the dual analog system for FPS's. I'm used to playing Unreal Tournament and Half-Life with a mouse, but managed to play through Quake 4 on medium difficulty for the XBOX 360, and still wasn't that used to it.
New console games don't require you to buy newer hardware, and tend to be more polished on release since console games aren't as updatable as PC games, although they do have updates. You pay $400 one time, and never have to upgrade hardware until a newer system comes out.
I prefer PC though, but I don't own an XBOX 360...yet. I just play COD when my brother comes into town, or when I drive to hang out with him.