Depends on your PC spec.
If you have 16GB RAM, the latest fastest 8 core processors and best graphics card it will blow a PS4 out of the water with photo realistic graphics at crazy frame rates.
It's all relative really and if you said can a £350 PC run games anywhere near the PS4 then the answer is a resounding NO.
It probably compares to a mid range gaming PC at the moment and thats due to the graphics card.
Enjoy the quality PS4 games and don't worry about the PC Master Race LOL as they always wade in about how superior their gaming rigs are compared to consoles.
What I want after a hard days work is to switch on, insert game and play.
I don't want to be updating drivers and tweaking everything to match my system.
I was a PC gamer back in the late 1990's but have always had games consoles to go along side and then when it became necessary to upgrade my PC to play the latest games I didn't bother.
Hope you enjoy it don_bidarian!
£350 PC could easily run games better than a PS4 if you custom build. Everything else you said is spot on.