Actually, no. A $600-800 gaming rig would barely last. Your forgetting liquid cooling systems which requires a certain case (since most people plan on buying cheap cases). And you can't build a beast gaming rig without RAM. The best you can get with that is probably a good processor and graphics card and a small monitor. PC Games are practically the same price for consoles/PC btw. and pc games are full of hackers (black ops, mw2, etc you get the drill?). And I'm talking about gaming not multitasking because any computer can multi task.
Basically, consoles are PC's that connect to your TV's and are stripped of many PC features.
Seeing as that PC's would require a hardware update every 2 years to keep up with the latest games, that could be costly.
Consoles on the other hand have been seeming to hit a wall. Usually, a new console would come out every 2-4 years. Obviously, the PS3 and the 360 , as well as the Wii and portable gaming devices from those developers are still at their constant usage. It seems that there won't be a new console for a while unless games just go straight to cell phones or stick to PC's.
I personally have lost interest in video games, and gotten into music production, video and photo editing and other GFX which makes me want to go straight for a high-end Windows with a Mac OS on the side or just a straight up Mac. Since you're going for gaming. I'd HIGHLY recommend getting a Ps3. Of course, the ps3 has had problems with security, but nobody said Microsoft won't ever have. Microsoft's not perfect. The way I see things... the 360 requires lots of money to maintain, there's the hardware failures, the subscription for playing online, there's a shitty community comprised of 12 year old kids that fuck everybody's mothers and they claim to have big dicks speaking with a girls voice, and then the many professionals that are either shit talkers or calm like many commentators (Seanaanners for example, he's nice) I loved the 360, and I wouldn't mind getting one again, but seeing as the Halo series is basically at an end, there's no reason as Battlefield and Call of Duty are on the Ps3 too. I absolutely support the Ps3 100%. You save money, you have built in accessories/features that you'd need to pay or mod for on the 360. Internet browsing, Bluetooth+USB accessories, no subscription fee, not a shitty community. Sometimes there's bad connections, but i'd rather have everything the ps3 has over the bullshit xbox has... and the 360 has more damn hackers (aimbot/chams etc; )
Ps3: Community, more features, saves money, relaxing, etc;
360: Halo series, if you're 12, obviously your 12 year old friends would be having an xbox as well, and that's it.
Halo got rebooted. The new Halo trilogy is in development.
The main fault with sticking to a console for gaming is, that you pretty much have to purchase a computer for everything anyways.