The hype people create around the new generation of console is ridiculous, Especially when almost nothing changes. Plus the fact that consoles are so behind the technology curve these days they are just obsolete. A modern console in terms of graphics is ok, But it suffers when it comes to frame rate and you still have all same restrictions and apy to play online bullshit that doesn't apply to PC. If you want to game, Build yourself a PC, It's a far better experience.
Consoles are so behind technologically compared to PCs that there is no reason for all the hype. They might be simple, which is the reason a lot of people that don't care choose consoles, but it is really not that difficult.
At the end, consoles are just little PCs with low specs, they are easy to use but I don't think it's worth it.
As much as I'd love to play Bayonetta on the xbox, I don't have one since I don't live with my 2 brothers anymore... I never really needed a console because there is a whole library of games on steam and emulators. I use a game controller on it to paint with and play retro games. Only thing worth buying are Nintendo DSs. Those Nintendo 3Ds aren't good for your eyes.
I don't own a console but I think their fine, I would buy one if I had enough money. Consoles are for entertainment and their lots of fun. Companies make money off them by making games. Certain games can be for different age, could be educational so it's good for everyone. I don't think consoles are overrated.