... Yeah. I know... That'd be the point, mate.
PC gaming culture has a sense of elitism about it; It's never stated outright, but PC gamers do look down on console gamers because console gamers are allegedly more of a casual crowd and don't like more sophisticated games. According to the nerdrage that is PC gaming culture, console gamers only buy games because of the graphics.
I just find it ironic that PC gamers are now complaining about consoles holding back graphic advancements. The roles seem to be reversed. And no one stops to think that the neckbeard with a Cray supercomputer capable of handling the latest and greatest might be a minority. That there are more (PC) gamers today than there were 10 years ago, and that some of those people might get left out in the cold if every new game takes full advantage the newest advancements.
On a personal note, I'd rather more resources and time be spent in the gameplay department, rather than into an area that makes a game look shiny and cool.
Take a look at Minecraft: simple graphics; amazing gameplay.
Of *course* PC gamers look down on consoles (the hardware, not the gamers themselves). Partially because yes, a PC capable of handling any game you throw at it is very cheap now, and additional power doesn't do much good. The often used example of Crysis still being one of the most technically impressive games ever made almost 4 years after launch is a good one, consoles are, however you put it, 6 year old hardware trying to compete with modern hardware. My /graphics card/ has more RAM than either console, and that's a midrange card. Cheap. Console hardware is laughable - it's like you have a 360, but the dominant console is a NES and every game you play was designed and built for that NES. Graphics are held back (and not in a "I want pretty graphics over everything else" way, in a "We have more than enough power to quickly make graphics look much clearer, and more accurate, and they're not used), gameplay is designed for a 2-button controller and not the vastly superior controller you have, so on. It's not a case of laughing at the casuals, it's a case of almost complete stagnation of advancement, both in gameplay and graphics. Did you know that full physical simulation of the world is more than possible now? And how much depth that could add to so many games? Why won't it be in any large-scale game?
Because consoles have 6 year old hardware, and it wasn't plausible 6 years ago. That's a loss to gameplay.