No it isn't antiquated. And just what make you think Algore's votes totals in inner city precincts where turnout was well over 100% in states like Pennsylvania and Michigan were legitimate? Without the Electoral College, all the DemocRATS have to do is crank up election fraud especially in their strongholds where there is very little or no oversight by Republicans.
The president is not an elected dictator. Without the Electoral College, the large population centers that coincidentally have the larges amount of voter fraud would be able to monopolize power in the US. A presidential candidate in the general election has little incentive to make appeals to the fringes of the political spectrum, because you don't get more electoral votes by running up a huge margin of victory in a state. The Electoral College forces candidates to seek support from most or all areas of the country rather than concentrate on candidates' stongholds.
There is no way that the less populous states will allow the Electoral College to be abolished. It takes a 2/3'rds vote in both the House and Senate to approve a constitutional amendment, and it takes the ratification by 3/4'ths of the states to put a new ammendment in the Constitution. Quite frankly I doubt such an amendment would make it to the floor of the Senate much less actually pass with a 2/3rds vote there. After all, each state has equal representation by two senator regardless of the population of each state. Even Daschole said he would oppose abolishing the Electoral College.