I'm not as impressed with consoles as I used to be. I prefer PCs, dues to the fact that they are far more flexible, as well as more powerful. Of course, the big advantage is higher resolutions: You may be surprised, but a standard density TV has a pathetic resolution of 256x224x24bb...
Of course, there are a few types that are more fun on consoles, such as fighting games, sports, and platformers.
As for the fastest processors, I believe the highest clock speed of any chip is currently 3.6 Ghz, for the latest Pentium 4 Extreme Edition. It currently goes for about $1,100 U.S., which is enough to assume that it's the most expensive out there. As for actual performance, it's a toss-up between it, and the Athlon 64 FX (2.2 Ghz), and the PowerMac G5 (2 Ghz).
As for those hyper-advanced ones you hear about... most of those claims are theorietical, and the processor doesn't even exist yet. For more down-to-Earth claims, it is most likely a prototype, and comerical production isn't underway yet. Right now, only traditional silicon/metal chips are known to be stable enough for working models. Fiber-optic processors, as with all other new processor types, are still at least 5 years down the pipe.
For the mean time, enjoy Moore's law. Although it's difficult to go from transistor count to clock speed, I'll say you can expect that 5Ghz P4 sometime in the first quarter of 2006.
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Nes digs around in the trash can.
Nes finds a hamburger!
Nes puts the hamburger in his backpack.
Wake up, George Lucas... The Matrix has you...