And the existing process for electing a president is a rational process that has been in place for over 200 years. I fail to see any drawbacks that would compel me to consider some new-fangled way of doing it.
The current system of electing the president ensures that the candidates, after the primaries, do not reach out to all of the states and their voters. Candidates have no reason to poll, visit, advertise, organize, campaign, or care about the voter concerns in the dozens of states where they are safely ahead or hopelessly behind. The reason for this is the state-by-state winner-take-all method (not mentioned in the U.S. Constitution, but since enacted by 48 states), under which all of a state’s electoral votes are awarded to the candidate who gets the most votes in each separate state.
Presidential candidates concentrate their attention on only a handful of closely divided “battleground” states and their voters. In the 2012 election, pundits and campaign operatives agree already, that, at most, only 14 states and their voters will matter. Almost 75% of the country will be ignored —including 19 of the 22 lowest population and medium-small states, and 17 medium and big states like CA, GA, NY, and TX. This will be more obscene than the 2008 campaign,, when candidates concentrated over 2/3rds of their campaign events and ad money in just 6 states, and 98% in just 15 states (CO, FL, IN, IA, MI, MN, MO, NV, NH, NM, NC, OH, PA, VA, and WI). Over half (57%) of the events were in just 4 states (OH, FL, PA, and VA). In 2004, candidates concentrated over 2/3rds of their money and campaign visits in 5 states; over 80% in 9 states; and over 99% of their money in 16 states.
2/3rds of the states and people have been merely spectators to the presidential elections.
Policies important to the citizens of ‘flyover’ states are not as highly prioritized as policies important to ‘battleground’ states when it comes to governing.
Because of the state-by-state winner-take-all electoral votes laws in 48 states, a candidate can win the Presidency without winning the most popular votes nationwide. This has occurred in 4 of the nation’s 56 (1 in 14 = 7%) presidential elections. The precariousness of the current state-by-state winner-take-all system is highlighted by the fact that a shift of a few thousand votes in one or two states would have elected the second-place candidate in 4 of the 13 presidential elections since World War II. Near misses are now frequently common. There have been 6 consecutive non-landslide presidential elections (1988, 1992, 1996, 2000, 2004, and 2008). A shift of 60,000 votes in Ohio in 2004 would have defeated President Bush despite his nationwide lead of over 3 million votes.
And that process would be entirely unaffected by this compact. It's not a "new-fangled" alternative to the Electoral College. It is an application of it which may serve the rational self-interest of the participating states.