Yeah, it's really not that bad at all. Granted, to kit yourself out with high-end components like I tend to can be hard on the wallet (although I don't care since I do work after all -- might as well spend it on stuff I enjoy), but you can get a perfectly competent machine by just going for slightly lesser hardware.
One thing to note (unless you're a filthy warezing bastard) is that in the long run you do save in various areas on the PC. While most people don't count things like this when adding together costs, peripherals can be expensive on consoles, including the proprietary cables they all love to use for hooking up to HD televisions and such, and of course controllers.
Critically, almost all current-generation console games are around £10 to £20 more expensive than their PC counterparts in the shops, which adds up very rapidly.
I guess it comes largely down to taste, though. I simply cannot enjoy consoles as much as the PC due to my enduring love for FPS and RTS games, which still just don't work that well on consoles. If I played more third-person and racing games then I'd probably see a lot more value in a console. No console, Wii included, can match the tactility you get from a mouse when it comes to controlling a battlefield in an RTS and aiming in an FPS.