Most game devs have made a business decision to cater to the console market. This makes good business sense since console game sales make up 80% of their market. And, on top of that, of the 20% of gamers on PC, only 1% make up the hardcore PC gamers who tend to spend tons of money on their rigs to make sure they have the best experience possible. Sony and Microsoft have done such a good job on marketing over the last 10 years that the current generation of younger gamers (those 13 to 25) don't understand, appreciate or know the advantages to PC gaming. To them a PC is not a gaming machine. To them a PC is an appliance similar to a microwave or VCR - you use it for its intended purpose (internet, email and music), run it until it breaks and then throw it away and buy a new one for $400 at Walmart. It's all about the marketing. How often do you see a commercial for PCs? DELL is about it. And even then, DELL doesn't market their PCs as being gaming machines.
The current generation of gamers looks at it like this - Why should I spend $2000 on a gaming PC that I have to spend another $500 on once a year to keep up to date, when I can spend $300 one time and be able to play my favorite games for 10 years? And, in reality, it does make good economical sense. But what they fail to see is that they are missing out on all the intangibles that makes PC gaming superior: the better control of the keyboard and mouse, better graphics, the ability to have more options on how the servers are setup and custom mods and maps (in games that allow it).
As long as we are stuck with the current generation of consoles, PC gamers will be stuck with sub-par games that don't even come close to pushing the envelope of what our rigs are capable of. And, if Microsoft has their way, the 360 will have another 8 to 10 years of life left in it. After all, it's cheaper for Microsoft to milk an old console that "works" than to develop and market new hardware. Like others have said, it's no longer about making great games that rock. It's all about making money. It's business and I understand that. But in the end, it's we the consumer that loses.