Are console graphics ever as good as up to date computer graphics?
Well, that would strongly depend on what amount of money you're talking about and whether the screen is included or not.
At the time of it's release, you'd need to spend a lot more than €600 to have a pc capable of the same graphics as a PS3. But of course, this is granted you've already got a HD-TV in your living room. HD computer screens (which of course also work with the ps3) are smaller and less expensive.
The computer I build from carefully selected parts back in 2009 had a price tag of twice that of what my ps3 cost at it's release. In return, I indeed got graphics that could be considered better than those on a ps3. However, if I had only spend €600 on a computer back then, I wouldn't have been able to purchase that graphics card. Nor would the X58 platform have been within reach. In 2009, 3 years after the playstations release, you would not be able to get the same graphic quality for the same price (excluding screen).
However, now the ps3 is over 4 years old. The few minor setbacks it had to PC's in 2007 are now not even worth comparing. But the PS3 has also lowered in price a lot. a €300 PS3 will still provide better graphic quality in games than a €300 computer will. But it ends there. PC's in the €1000+ range now easily outperform the PS3.
What might be worth mentioning too, is that a standalone blu-ray player cost more money than the PS3 did at it's release. A Blu-Ray player for your PC also had prices approaching that of half a playstation. Another reason to have bought a ps3.
I must say that I do enjoy gaming on a playstation more than gaming on a PC for some reason. And that tears apart any performance benefit pc's might have, because what's a game worth if you can't enjoy it?