I think one vote should be one vote. It is way too easy for whichever party is in power to redistrict everything in their favor, giving less power to areas that are strongly Democratic or strongly Republican. It shouldn't be possible for someone to lose the popular vote and win the presidency.
Also, the reason it was established is all but gone and at this point makes no sense. When it was established, there was a considerably smaller and considerably less educated populace, making concerns that we might be swayed to vote for someone intending to ruin everything (by going back to being a colony, burning the Constitution and declaring himself supreme ruler, whatever). That's just not gonna happen anymore.
All the electoral college does is allow the already powerful to stay that way.
I'm not in favor of having more than 2 parties, and I don't really think getting rid of the electoral college would necessarily do so anyway. There've been massive shifts in political parties numerous times even with the electoral college, and every time we have 3 or more relatively equally powerful parties it is more unstable than 2, and the 3rd one is something topical like the Antimasonic party or whatever. Americans seem polarized firmly into the two parties regardless, and if you look at countries with a plurality, it becomes more obvious that it isn't something to strive for. Likely a long-lasting 3-party system for us, anytime soon at least, would end up being a more extreme right, a more extreme left, and a middle-of-the-road. Especially since the Republicans' and Democrats' core values are shifting so much lately, there just isn't much room to carve out another discrete party.
Not that I like either one of them
Then again I also think voting should be mandatory (though you could abstain all you wanted, you'd still have to show up even if you didn't pick a single thing) with minor
fines without proof of dire emergency... Interest groups have a ridiculous amount of power (its stupid to have the AARP be one of the most powerful blocs for no other reason than that its members are the most likely to be able to vote) and it results in a lot of people getting further disenfranchised.
More importantly, the primary system we have is one of the most convoluted things... why do Iowa and New Hampshire pick the candidates? That has resulted in a lot of candidates being chosen that just can't win in the rest of the country.