For the most part, video game consoles stay relatively the same throughout their life cycles. While gaming PCs are usually built piece-by-piece and parts are updated regularly, the hardware inside a gaming console tends to stay the same. It's the cost of simplicity: many gamers believe that console gaming is generally easier and a more consistent experience, but sacrifices the modular nature and flexibility of PC gaming.
That's not to say that the console you buy on day one is the exact same as a model released five years later. Publishers will typically release a number of different SKUs throughout the years: for instance, the PlayStation 3 Slim is only half the size of the original model. The internal hardware is basically the same; it's just in a more efficient package.
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