Only half the story. Even using middleware, a properly coded console game will look better than the same game running on a PC with the same video card installed because it's a consistent platform which is optimised to play games, which no PC is. Not massively better and not as good as a top end PC running one of the cards referenced in the thread top but certainly better.
Plus console graphics improve over time as the developers further optimise their code and gain experience. That never happens with PC games as the solution is always 'just buy a newer video card'.
Will the PS4 look as good as a high end games PC? No, but then it will less than half the price. Will it look better than a current PC costing the same price? More than likely yes. Will it look better than a PC you can buy in three years time for the same price as a PS4 at launch? Almost certainly not. Will it look much better than a PS4 game at launch? Almost certainly.
Can you play an acceptable current generation game on a PS3 or Xbox 360? Absolutely. Can you play a decent current generation game on a 7 year old PC? Don't be silly.
If you must have absolutely the best quality for all your games all the time, buy a PC and budget for upgrades. Want to play games that look pretty good on a platform that will evolve steadily but slowly over time for a one off payment you won't have to repeat for five years? buy a console.
To put it bluntly, different horses for different courses.