I found out that you can already buy Sony Playstation 3s with Linux pre-installed, but still not exactly an avenue for most consumers that already own one. Still a step in the right direction none-the-less.
This is the kicker consideration that both you and Falknir forgot. The 360 and PS3 are both sold at a LOSS to their respective companies. If MS / Sony were to sell their consoles for PROFIT, like PCs, they'd likely cost MORE than your average gaming PC. Add in all the bells and whistles to turn them into "super"-consoles and their price just goes up, essentially defeating the purpose of their entire existence.
I am afraid there was no lapse of memory, as it's known that all cutting-edge/new hardware also comes with high-demand, limited-supply, high-manufacturing costs, and early-adopter premiums. As time goes on, the price of any new hardware drops in cost due to increased manufacturing efficiency and so on (more so with consoles). The only current-generation console still sold at a loss is the Sony Playstation 3, but we already observing significant drops in manufacturing costs (original $840.00~, now less then $400.00~) making it roughly cut-even or sold at profit depending on model. The XBOX 360 has been sold with a profit for over a year now, and lastly the Wii has been making profit since it's retail launch.
In addition, the so-called "bells and whistles" also would have blown-up the price of a PC equipped with similar hardware, and in some cases the similar hardware would cost even more to manufacture and to buy for the consumer at retail. You also need to realize that hardware companies (goes for PCs and Consoles) tend to make a great deal or most of their profit from related peripheral sells, licensing fees, developer systems, applied/derivative use in other devices, research and business applications, and so on.
By far, the consumer would still have a FAR more appealing price-point with consoles, where as to get similar functionality and features that consoles offer to consumers you would still be spending FAR more to get it on a PC build.