What if Gaming Went to a Hosted, Subscription Model? @ Digital Trends
 

I can probably cover the problems with one long sentence. Each console has unique advantages and disadvantages but no one game plays on all of them (and you often have to buy different versions of the game for each anyway). While PC Games have to deal with a missive diversity of hardware and operating systems with the result being that they typically aren't as reliable as they need to be and fall well short of cutting edged performance.

This increases substantially the cost of developing a new game and reduces the value of that game to us because if we don't have the right platform we won't buy it, and if it sucks on the platform we have we'll likely not buy another.

Ideally the game developers would like a market where everyone had access to the same hardware and the buyer would like a market where they don't have to spend hundreds on new hardware just to play one game.