The next-gen of gaming, also known as HD Gaming, started with the introduction of the Xbox 360 way back in November 2005. It is another thing that PCs were capable of HD gaming much before the consoles, it's just that they picked up much later.
Coming back; I spend good 25-30 hours a week playing on my Xbox 360 and PS3, and occasionally on the Wii -- that just means that I do enjoy my consoles. But the fact is that like most things in life, console gaming isn't perfect. So much so that I've come up with a list of reasons for the same.