Why Console to PC Ports Require Better Hardware to Run Smoothly

Correct me if I am wrong but these days a gaming computer specs are a lot better than what is inside an Xbox 360 or PS3. Therefore, it should be able to run video games of the same graphic quality as Xbox or PS3 at the same smooth framerate you experience with consoles game right?

Recently for Call of Duty: Modern Warfare 2 for the PC it was surprising to see how outdated it's graphics are (you can tell it's a direct console port). At the highest settings

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