I had a job interview years ago with Rockstar (GTA chappies). During the interview we got talking about the platforms we played on. They where very dismissive of the PC but did acknowledge it was cheap as chips to develop for.
For example, the original COD cost Infinity Ward about £25,000. COD3 for the XBox was something like £1 million. Big jump
Of course the rewards for a success on a console blow even the most successful PC games (with the exception of the Quake and Half Life games) into another world.
You gotta remember for console development your initial outlay is a cool quarter mill just for the licence and SDK.
It's one of the reasons you see developers starting up with PC games before moving onto consoles.