If we played the ports with the same settings used on the console we would all have ridiculous performance. Using 480p resolutions and then applying a PPAA to it to blur the problems away and it doesn't matter what PC hardware you put it on it will run brilliantly. Of course what will happen is it will look rubbish, just like the console version. Because we are closer to the monitors we notice the massive loss in details and the required graphics fidelity is higher. The game simply fills more of the visual range on a PC monitor than on your TV in the living room and this means more pixels are required to be rendered.
Consoles are not inherently faster or more efficient. The hardware target is known and this often makes it possible for the developers to deliver more consistent performance and occasionally can use particular knowledge to get more out of the hardware. But its no where near 10x, its more 50%. The software layer on PC's isn't anywhere near the problem people seem to think it is, especially considering the same thing exists in all the current generation consoles to an extent. The underlying performance advantage is that the current generation of consoles don't run games at high definition, they run them at resolutions most PC gamers haven't used since 1995.
This causes ports to be poor as they may scale poorly with CPU performance and often they are ported badly. Closer hardware will be good for the PC as the games will be both easier to port and closer in performance characteristics, but it will also mean finally games that are ported will look reasonable, not like a DX7 game from 2007.