True, but most people already have at least a TV and perhaps even a sound system in their home, so it's not necessary to buy those, whereas if you're buying a PC from scratch,
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In which case, it's a completely unfair comparison - you're talking about making one system from scratch, as opposed to another system with already existing parts. Of course the system using already existing parts is going to be cheaper.
A person with an old PC could likewise use the same monitor and speakers with a new computer: My GeForce 9600 came with adapters to convert the DVI output to VGA, and the motherboard has the standard 3.5 mm jacks for sound output. Both the monitor and speakers from my old system could be used with my new system without any troubles.
Yes, I'm still using a monitor with a standard VGA cable - and it works great and runs at 1600x1200, which is plenty high enough for HD stuff, although I do get some letterboxing.
BUT - you are right, that's the comparisons people are making: They are comparing just the console box to the whole PC setup.
using your TV for computing, assuming you could even connect the two out of the box, is highly impractical.
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Actually, the two technologies are converging somewhat - today's video cards usually come with composite cables, which is the same as what your average console uses to connect to a TV. In addition, I'm seeing an increasing number of component and DVI inputs and outputs on all sorts of systems. I'm even beginning to see an increasing number of HD TVs with VGA inputs. The two technologies are in fact starting to converge, now that TVs are using resolutions similar to PC monitors, and now that, in order to process the digital signals, TVs actually need some real video processing power.
With the old analog TVs, all that was really needed was some capacitors, diodes, a crystal, and other basic components - It was just a radio connected to a tube. You don't even need an integrated circuit for them. Even when the remote control came out, you didn't need any more added circuitry than a cheap calculator.
With digital signals and HDTVs, you need very complex signal processing, conversion, decompression, and even decryption for protected content. Since it's already a much more complicated device, and since they already need to support multiple resolutions, you might as well throw in some PC resolutions and call it a product.
New video cards and new TVs actually work together quite well . . .
In fact, there are many devices coming out that are more like computer LCD monitors that happen to have a TV tuner built in and a remote control.