A mid-range gaming PC that's ready to play out of the box for $400 is nothing to slouch at.
Also, keep in mind that the original launch titles for the Xbox 360 looked like this:
http://ve3dmedia.ign.com/ve3d/image/article/655/655564/perfe...
Launch titles are generally either carry-over concepts from earlier consoles and/or are drastically rushed to hit a very hard deadline, the titles hitting in the next couple of years will up the ante significantly.
That aside, I'm personally looking forward to next Friday quite a bit, as my preordered PS4 from Amazon is supposed to be arriving that day and having played around with some of the games already I'm really looking forward to more time with Killzone, Knack and Assassin's Creed 4.
FWIW, I'm one of those gamers who was a huge fan of the Xbox, mostly due to Live as a multiplayer platform, but I'm looking much more forward to the PS4 than the Xbox One, in fact I have no immediate plans to buy a One, though I'm sure I'll probably buy one eventually (much like I bought a PS3 eventually, but that wasn't until this year).