I would like to add: Most computers and the content that is made on them can push far past what any PC or Console can display at even 30fps.
Most game asset are made to a much higher degree of detail then what you see even on the best $10K+ gaming rig.
The artist can make graphics far better. Just look at these renderings. (They take anywhere from 1 to over 24 hours to render just one frame, many of these people have more CPU power than most high end gaming rigs)
http://www.raph.com/3dartists/artgallery/
But the different hardware (All of it OpenGL VS DirectX, Ati vs Nvidia, Intel vs AMD... the list goes on), is what is holding the games back. Sure as a whole, if every gamer had a $10K computer (and consoles died) with more RAM then many computer have hard-drive space, most game would look awesome.
But... We still have bottlenecks.
- Each GPU and CPU has different tools. So hardware compatibility is still and always will be BIG a problem..
- Each game still needs to find skilled artist to make them.
- Even if you give the artist more space, they will find the limits and start complaining.
- EDIT, I forgot to mention monitor resolution. If 3 monitors won't max the GPU, gamers will add more.
Down sizing the graphics from the supercomputer limits back to what most people can display would mean not just changing some LODs but making a new game engine (If you want it to be multi-hardware). So that is why very few games are made to push "very fast" computers.
Any hardware difference is going to hurt games, so I would think if Ati, Nvidia, Intel, AMD all picked a very strict standard (Like the W3 did for HTML, only this time everyone plays by the rules) for
everything a game could ever use (GPU calls, vertex buffers, particles.... this list is almost infinite). Then we would have a huge bottle neck removed.
Consoles are not the only thing hurting PC games (And really, the only thing they may be hurting is sales).