It is BS in the sense that with a modern and well equipped PC, there is absolutely no doubt that a PC will produce better graphics. This shouldn't even be debated. It's obvious to anyone with a good PC and consoles to complement it (I have a 360 and PC.) Making the blanket statement that a console has better graphics is laughable at best. You can take something like Metro Last Light on a modern PC (say, a GTX 780) and the graphical detail will easily be 20-30x better than any console.
HOWEVER, with that being said -- I agree with those who mentioned earlier graphics are not the be-all and end-all. I can live with slightly worse textures and lower resolution provided by the console. There are many genres that the consoles will always do better than the PC, despite the worse graphics. Also, many MP experiences are better on the console due to having substantially larger playerbases.
So my opinion is yes, a modern PC with a good GPU/CPU will absolutely rip a console apart in terms of graphics. But that doesn't matter. They're both good and both serve a place! Use both as I do, best of both worlds. 🙂 I don't think about graphics when I play SF4AE on the 360. Or BLOPS 2 (yes, I like black ops 2, sue me). They're just better experiences on the 360.