Umm, what in the hell are you on about? You talked about graphics at first, and the PS3 has numerous games that run at 1080p, which, you know, is 1920x1080 and thus the standard for all but 27" cinema displays. And those generally use IPS which has a slow refresh rate anyhow. Honestly, you sound like you have no idea what you are actually talking about if you think consoles are all running low resolution graphics.
PC gaming tends to cost more to maintain the same graphical levels. I've been system building for 15 years now and PC gaming for 20, and I honestly don't think the PC platform is the way to go anymore outside of a few games, and that is mostly because of how developers limit the use of the Mouse and Keyboard on consoles, rather than the graphics.
Consoles run upscaled images, stretching a low res image does not make it high res. Graphically if i compare 2 of the same games on a PC and console i can get a much cleaner clearer crisper picture from 1680x1050 than whatever my playstation 3 is outputting. PC's have been capable of higher than 1920x1080 with the right monitor for over 10 years.
My whole point is that HD is a marketing term used to sell products, its meaning is 720p/1080p as you have said but when used in the world of gaming it does not always point to high definition, especially when used in the world of consoles with their blurry images and low res graphics.
I bought my PS3 for Gran Turismo 5, a game that has been praised for its graphics, running it on a 24inch samsung gaming monitor with a HD port. I loved the detail on the cars but when I hit the track i had a slap in the face of the reality of console gaming, everything appeared blurred and I actually thought something was wrong, but after a bit of poking around it just seemed that my eyes needed to adjust to the difference after years of mostly PC gaming.
The same was true when my nephew brought his Xbox 360 to the house, he had that plugged in on the HD television in my front room, and just as I noticed with the playstation, he was playing COD Black ops and to me it had that same blurryness.
Now.. opinion here, you don't have to agree.
I think the whole HD thing is a load of nonsense, considering that years before HD was a marketed and common term the technology was available and in use in the world of PC's, it was never something you thought about because it didnt really matter, it only mattered when HD TV came out, consoles jumped on the marketing bandwagon. I don't like it because it doesn't mean anything, should I assume that "HD Console from Nintendo" is to mean they will release a console with blurry images much like the PS3 and Xbox?
With HD : TV i got it, for years we had the same quality television pictures and all of a sudden we had these new tv's showcasing video recorded specifically for it, where there was a massive different, crisp and vivid images that looked far better than what you saw on your non HD TV. But with games the only difference was another generation of consoles that were a lot better than the last generation but still nothing new as PC gaming was already ahead by time they had been released, and resolution wise some PC hardware and some games had supported it since the late 90s/early 00's.