PC's will begin their slow rise to domination when PlanetSide 2 goes viral. When.
Consoles simply can't compete with that amount of Awesome at any level. Technologically, financially, socially. The original PlanetSide would make even an Xbox 360 cry. That's partly due to poor optimization, but it's also partly because of the steps made in order to make the game itself possible.
For PCs, the generation is all in the game's played. Sure, new games come out every year, but only every once in awhile does the epic community-shattering game come around and define a generation of PC Gaming. Usually, these games don't have sequels until 3 or 5 years have passed, sometimes a full decade. They live off of the pure ecstasy of the original game and what the community does with it. Likewise, the companies that produce these generation-defining games make an absolute killing. An amount of money that mainstream console developers would envy. I know some of these names might sound like curses to you, but they are keeping the PC alive: Riot Games, Blizzard, and Valve. Bethesda and BioWare play a role there, as well, but they release on the consoles too. These companies spend a proper amount of time and effort on their games, and it shows both in how long their games are successful and the time before their next is released. For Consoles, the generation is in the hardware. Within one generation of consoles, you see the same game with a different name released over and over, sometimes 3 or 5 times, multiple times within a single year. They have a quick turn-around for money and new content, but a relatively low quality and low support.