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1) your iMac is roughly 4-5 times as expensive.
2) launch games always suck. They are unoptimized and mainly ports of older gen /pc games. You won't see them take advantage of their hardware for a good while.
A next gen console is a great investment if money is tight. If you want a Mac but can't afford a gaming PC, a console is a really good 5-7 year investment. It's a financially good investment.
The launch games excuse is a really poor one for a crappy console generation. NO PC GAME was near the level of Super Mario 64 at launch, games like Sonic Adventure for the dreamcast was a good step up, the xbox launch brought games like Halo and Dead or Alive 3 in 2001, the 7th generation brought launch titles like Perfect Dark Zero, Resistance: Fall of Man, and Condemned.
In order to beat the 7th generation, I bought a core 2 duo e6400, 4 gigs ram, and a x1900xt 512 in 2006. It took a new generation of gpus to beat the new consoles, although the core 2 series had the cpus beat.
Now, it's the 8th generation, and TONS of video cards beat them AT LAUNCH. Not only that, but something like a 680mx, A FREAKING MOBILE VIDEO CARD, can beat them too!
A new console should be able to defeat the older hardware, or at least equal it. Quit making excuses for what is a crappy generation. It's now all x86 tech anyway, so you really aren't going to see a huge difference over time as the devs already understand the machines.