The hardware in the 360 is a year old already, advanced though it was it'll look old in another 6 months or so.
They are saying Gears of War is the first game to really take advantage of the 360's capabilities, I've played it most the way through and it is pretty amazing.
I think in 6 more months we will really start seeing some great games for the 360, they will certainly not look "old".
Of course PC gaming will always have the edge on consoles because over the life cycle of any console you will continually dump hundreds if not thousands of dollars into your PC to keep up with the latest games.
Console games are developed to take advantage of the consoles hardware, and for the most part run consistently on said hardware for the life of the console, PC games on the other hand are developed to take advantage of all the latest upgrades (video cards, cpu's, ram, etc.) so unless you keep upgrading your PC, within 6 months or a year the games that will be released at that time will not be able to run on todays PC setup.
The next gen (soon to be current gen) consoles are awesome and look great in HD, and I know I can still play games that are released for my $400 360 in 2010 on my system as is, how much will it cost in upgrades to play games on my PC in four years?