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The only reason you can go the "cheap 500 dollar gaming box" route is because mainstream gaming is tailored for consoles that are over six years old.
When the PS3 and the 360 first launched, you had to build a $2000 PC to come close to what the consoles could do. Now, PC components have progressed, but the consoles are pretty much the same in 2013 as they were in 2006.
So yeah, you can build a cheap gaming PC that'll equal/slightly exceed a console. But it'll still cost three times as much, minimum, even now. When the new generation of consoles roll out, PC gaming will get really expensive again.
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