David Ferrigno makes some good points, but I really disagree with the major ones.
"A brand-new well-equipped PC able to play the hottest games is now about twice the price of a game console AND not only plays, but organizes and stores massive amounts of games and other media including photos, movies and music." So you can't play and organize photos, movies and music on the consoles? I think he's needs to revise that statement again, if he's talking about other factors like software creation or whatever (Photoshop, Autocad, etc). Otherwise, 360 has XNA going for it - allowing even small-time developers to get access to tools for cheap. The measuring performance of PCs over consoles is to be expected, but does it really matter? The Nintendo Wii is basically a Gamecube 1.5, yet that's still selling like mad because of its pure novelty.
A lot of what he says just sound like plain theory. Gonna have to wait another few years to see if anything like Microsoft's plans for Games for Vista really takes off. And even by then, who is to say we won't be playing the next iteration of next-gen consoles?