If that was true then the xbox360 would have a Quad Core Intel CPU and cost the same as a 2007 PC capable of running games @ 60FPS in 1920x1080...clearly they didn't and it doesn't
Microsoft chose PowerPC because they could get full control of the chip (and for instance embed security features inside it... making it much harder to crack the console). That was not possible with intel or AMD. Original Xbox was cracked almost instantly and it meant major losses due to piracy.
There is no substitute for genius design and clued up entrepreneurs fronting the cash.
Sure Commodore was a massive company in the mid 80s but Amiga was off the shelf tech bought in. Ditto if the makers of X1000 had a realistic business plan they only had to do 2 things.
1. Secure the services of IBM as an advisor on how to use the shit hot Xenon 3.2Ghz PPC compatible CPU
2. Hire some tech geniuses to understand roughly how the Xbox 360 motherboard works.
So in essence they would be doing what Commodore did, take a shit hot chipset and make a damned fine state of the art PC using those components that blew EVERYTHING out of the water in 1985/86.
You're forgetting something: You can't just hack something like this (computer HW business introducing a new platform) up from our garage anymore. It takes capital, lots of it. Back in the day it was possible to (literally!) start your business from a garage... I argue that this isn't possible anymore.
How would you go on and sell this idea to VCs? New game console? New desktop? What would bring them the profits for their investment?
And btw, game consoles are cheap because they're sold at a loss. The income comes from the game sales.