yeah it isn't too expensive if you've already got a half decent pc... the problem is though, if its older than a few years chances are you'll have an old generation motherboard, which means, no new processors, no ability for sli, no pci-x slots... etc.
from the ground up? case, psu, hard-drive, memory, cpu, gpu, soundcard, key-board/mouse and a decent monitor? sure, you can probably build a budget performing pc for 299, but it will hardly "overshadow" a console,
this talk of dumbing down for consoles is rediculous...
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