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then why do people still rave about the next latest and greatest graphics cards?

You are assuming that PC gaming is dead.

It's possible the PC is still a proving ground. You know how chip designers don't make money off their super-expensive, high-end products? They just do it for street cred so people buy their cheap products. PC's are the street, and graphics card companies need their cred. Then they can sell to the console makers.

Of course, that ssumed PC gaming is dead, which it isn't. PC gaming isn't in a stranglehold, controlled by a particular company like console platforms are. Many diverse people own computers. With the exception of the Wii -- and therefore only recently -- a specific demographic owns consoles. That makes the PC market a much more attractive market to begin with.

I may not be as big a gamer now as I once was, but I'm waiting in the wings. I think the industry is going through a transition. It's sorting itself out. You'll see.

Also, don't be fooled by relativity. Remember that PC gaming got big very quickly, and was much more popular than console gaming. Then console gaming sort of caught up and stole some of its thunder. PC gaming is still big, it's just that it's not the only game in town anymore. I say the same thing to people when we talk about the US economy and other rising economies like Europe, Asia, and India. The United States used to be the only game in town. Now we're starting to share the spotlight, so of course we're not going to tower over other economies. We have to share.

PC gaming has to share, too.

MMOs mostly run on the PC for now. So it's not dead, not dead to the tune of tens of millions of users.

Counting WoW, the korean games, Second Life, Everquest, etc.

True RPGs being dead is another story alltogether.