Er, no, consoles are not at all "cutting edge". Console hardware is a few years behind PC hardware. There's a brief window immediately after the release of a new generation where they're sort of competitive, but even then they're hampered by the fact that they need to be cheap, and you don't get cutting edge hardware by being cheap. Especially these days when consoles use mostly off-the-shelf components and are no longer highly customized like they used to be. They're basically locked-down, low-end PCs.
--Eric