Much like Herc, I played both. In the 90's, I had a NES, Genesis, and a 386 DOS machine. Once VGA and SVGA became standard, top-tier PC games definitely had the edge graphics-wise over console games. But one thing to remember is that here in the states we were playing our consoles on TVs using RF or composite. A lot of my old games look much better now that I can see their full detail in RGB.
Sound-wise, again I'd give the edge to the PC. I had, and still have, a Gravis Ultrasound. This allowed me to play games like X-Wing using sound blaster emulation for sound effects, while simultaneously using Roland emulation for music.
As far as gameplay is concerned, it just totally depended on what kind of games you liked. This is the reason that I can't say that one is better than the other. The PC was AWESOME for simulation games, strategy games, FPSes, adventure games, and American-style RPGs. To me, consoles were better for platformers, action games (like beat em ups and shooters), arcade ports, Japanese RPGs, etc.
So my point is, how can any gamer live without both?
Chris