1080p just means that you have a 1920x1080 resolution on your screen. This makes it easy for consoles to produce since consoles really don't have to do anything but provide the 3 basic resolutions: 1080p, 780p, and the crt 800x600
Computer games are capable of resolutions of 1920x1440 and higher. It really depends on the monitor you own and your video card. Now thanks to Moores Law, you don't need to upgrade video cards and processors that much these days to stay cutting edge. Yes the initial set up is costly, but when you really look at it, if you want to do some hard core gaming, your bottom end pc will probably run you between $600 and $700 (not including monitors, and you can do multiple monitors to get the resolution you want. So total probably between $1300-$1600 for the complete system monitors and all (if you are doing multiple monitors.
So lets compare:
Xbox Elite or PS3 is about $400 these days. Add on your 1080p plasma tv and you are tacking on $1000-$2000. That is really comperable to your set up for a console game. Both the XBox360 controler and the PS3 dual shock will work on your pc (wired with an adaptor for ps3), so you can have a controller if you want it. The exclusive games that you aren't getting on the PC isn't really all that much. I mean, Gears of War, Halo, and that Sock Puppet platformer on the ps3? Really? And the fact that video cards do have HDMI compatablility, you can hook up your $600-$700 rig to your plasma screen and have the same quality picture.
Consoles are easier, I get that. That's cool. That is why Consoles are doing so well. But don't tell me that they are superior to PCs. Both the PS3 and XBox 360 are basically PCs that you cannot upgrade the hardware in, and give you a watered down multiplyer experience when it comes down to FPS multiplayer. Admit it, TF2 or CoD would be really fun to play in a 32 vs 32 player campaign.
Again, I'm not saying that PCs are superior, its all about preference. Hell, I want an XBox for FF XII or whatever the new one is as well as some of the other interesting games that are coming out for it, but there is no XBox mod for Left 4 Dead that lets you take out Telle Tubbies.
The XBox nor the PS3 is technically superior to the PC. Not in TIPS (Trillions of instructions per second), not in PPS (Polygons per Second), not in gaming.
I leave you with this: