Yeah, pretty much it's been covered here.
Right now, the PS4 runs games at high-ultra settings, 900p-1080p, 30-60 fps. Any decent budget PC can do the same.
In 3 years, the PS4 will be running most/all games at the equivalent of high settings, 900p, 30 fps. Any budget PC you build now will be doing the same thing in 3 years.
In 5+ years, the PS4 will be running most/all games at low-medium settings, 720p-900p, 30 fps. Once again, any budget PC capable of matching the PS4 now will also match it in 5+ years.
Games on medium in 5 years will still likely look better than games on ultra now, and roughly as good as the PS4 games in 5 years, but that's something the console gamers like to ignore when they bash how PCs age.
PCs hold up over the years pretty much as well as consoles, it's just that the bar keeps getting raised year after year on PCs, which bothers the gamers who have inferiority complexes about their rigs more than it really should. Typically we don't want to cut the resolution, settings, or framerate like consoles do.