Incorrect, my friend.
Sony, Nintendo, and Microsoft will all have new systems out on the market in 2yrs. Each of these consoles will be able to play any game currently on the market and being developed for PC’s.
HL2 and Doom 3 can be played on xbox right now. I can’t speak for the HL2 port but Doom 3 is being ported to the xbox as I type this.
Oh yeah almost forgot 
5yrs ago we were playing Quake 2 on PII 450’s with voodoo 2’s in SLI mode and 128mb ram. Try playing Quake 3 and get 60fps on that.
If I remember correctly that setup was getting 100ish fps on Quake 2 1024x762 benchmarks. And we thought that was the shit Now my current system is in the 200’s on Quake 3 benchmarks.
Kewk: Doom3 will never run on an XboX in the way it will on a PC. The hardware is simply not capable. An XboX port, if one exists, will have to be highly cut down to meet the limitations of a Geforce3-class videocard. Half-Life 2 is out of the question. XboX2 might be able to handle it, since it will apparently be using an ATI graphics chipset. PS3, also perhaps. Nintendo, we’ll see if they’re still making consoles in two years.
5 Years ago, the original nVidia TNT card was out. I don’t really think a decent Celeron+TNT box is going to have trouble playing Quake3 at 640x480 at 30fps.