I never think of PC as a competitor to consoles.
I guess this is because I started gaming on PC around '95 or '96 with games like Sim Tower and it took a long time (and many games in-between, like Age of Empires, Empire Earth, Battle Realms, Operation Flashpoint, CounterStrike, Delta Force, etc...) for consoles and PC to have some of the same games.
Even now that you can get Assassin's Creed, Battlefield, Call of Duty and most of the major franchises on consoles or PC, I still think gaming on a computer has lots of different things to offer. For one, take a quick glimpse at Steam and everywhere you'll see tons of games you can't get for consoles. Heck, there's entire genres that are hard to port to consoles, if they even, like RTS (the perfect example: StarCraft 64, anyone?) and simulation games.
I've always seen PC and consoles are mutually complementary, from genres as described above, and even from the issue (that the Wii U has changed) of "a family member wants the computer, I'll go over to the TV" and vice versa, and even the concept of playing in the living room on my 42" TV vs gaming on my studio with my 14" or 20" (or more recently 32"


) monitor, from up close.
The Steam machines and for a longer while now, the possibility of using a console controller has somewhat bridged the gap and I think also contributed to many people seeing them as competition rather than complements, but it's not going to change for me. A Steam machine will still be more expensive, upgradeable, able and comfortable to support other games and undesirable as a platform for certain games. I'll still make it a priority to have one and I'll still make it a priority to have at elast one console from the generation that's in vigor at the time (I have the Wii U now, though I still want a PS4 and even an Xbox One).
That's my opinion on computer gaming...