$200 plus $ for extra controllers, a decent HD TV if you don't have one, and bullshit Xbox Live fees if you plan on playing online. About the only thing this new version has going for it is built in Wi-Fi, so I'm assuming no more $80 ripoff adapter. If you don't plan on playing online, 360 is a good deal. Otherwise PS3 is a better deal. Motion controls are going to suck for both. If that's what you care about, then you're better off getting a Wii.
PCs are better though. Clueless people like to claim that you have to spend $1000 every year or 2 years, but that's BS. I'd say 3 years tops, and a couple key upgrades could bring it back up to date instead of getting a whole new rig. But the main benefit of PCs besides that their graphically superior, have better controls, and superior online options is that computers can do more than just play games. Chances are you'll need a PC anyways to surf the internet, do work, check email, and the dozens of other things you can do on a PC.
The only advantage consoles have over PCs are exclusives. They have lots of games that you'll never see on a PC. But if you're a serious gamer, you'll have all of the major consoles plus a PC.