No, at this point game consoles have a smaller initial investment. HOWEVER, in the long run the PC will be cheaper. Games are cheaper in general, lots of old but still good ones to buy, emulation beats VC any day. Also, online is free on PC, it's not free on XBOX and may not stay free on PS3. If you have a crap TV like me, no point in getting a modern console anyway. Controllers aren't $50 each for PC and there is a wider variety, etc.
Enough of that though, the bottom line is no. However, it will be cheaper in the long run.
My PC cost around 700-800 Canadian dollars, when things cost more and our dollar was really weak. I've purchased lots of games at half the price of the console version, usually on Steam sales. Usually though new games are only $10 cheaper, but they come on sale more often and drop in price quicker- both on Steam and otherwise. I have two controllers I use for emulation, they cost $30 for the wireless rumble one and $20 for the other wired one. These are Logitech controllers, not cheap DealExtreme ones. I paid $30 or $40 for my mouse, but it's a really nice mouse- bottom line here is that you don't need one. I already had the monitor ($150), which I actually prefer to a big screen because I'm nearsighted and no matter what the size a display close to me will always look better (that and my TV sucks). Remember, a PC will do more than even a PS3 in regards to media, productivity, web browsing etc. My favorite part, however, is the flexibility and control. I can make/install mods, configure my controls, even trash my OS if I felt like it. You don't have that freedom with any console, except maybe a modified XBOX. Nope, not even that.
Long pro-PC anti-console rant aside...