The effects of consolification go far beyond graphics - that should be the least of our worries. If you must talk about graphics, it is only the 360 you should be worried about, as the Xbox has consistantly been 2-3 years behind what is capable in PC hardware. Forget graphics for a minute, the console influence always digs in its claws and negatively impacts the gameplay as well.
Menus dont take advantage of mouse+keyboard shortcuts, overall control scheme for gameplay, and lack of versitility and options suffers. The PC gamer has the equivilent of double to triple the 'input bandwidth' (via the mouse+keyboard combo) through which to control the game character - we sacrifice a third of it or more so the same level of character control is possible on the console version.
Levels are smaller in size, or chopped into smaller segments, because a 30GB install is not practical for console users.
Code bloat - dragons age origins may play the best on the pc, but your processor, even a good quad-core at 3GHz+, runs at nearly 100% the entire time dragons age is running, even if you are doing Nothing in the game. Presumably this would be for whatever bloated virtual environment the game runs in to be PC-compatible...
AI - enemies move slow and stupidly, which gives console players more time to take aim with the controller. Think about it - the majority of gameplay testing will be spent on the 360 and PS3, so the expectations on AI speed and difficulty will be from the perspective of a gamer with a controller in their hand, not a keyboard-mouse combo. This is why RE5 on the PC, despite its insanely stupid control style which really needs to be dropped entirely, still felt like the enemies were purposely slowed down and stupified to give the player a chance to react.
Price - they build the game once, and sell it three times over, yet we pay the same price for the game. Thats another issue however..