There is one key problem. In my opinion the Electoral College is an expression of the federal structure of the USA. USA is an UNION of distinct states. And so the US presidency is a FEDERAL office to be apointed by the STATES. States do it by apointing the electors in the way they see it fit - right now it appears to be acceptable by conducting the statewide vote.
Taking away this states right, would change the office of President into unitary national office in pattern of France. USA would stop to be the Union to this extent.
I agree with you. Eliminating the electoral college changes the nature of the union; it would further erode the notion of being a union of states.
I don't think its going to happen. Barring some abuse of the electoral college system that everyone agrees is an abuse, there is no reason and no support to change it. The fact that you can lose the popular election and win the electoral count is not an abuse, it is a circumstance that cuts both ways and could favor one party as easily as another. (Its a "feature", not a "bug").
If Bush had won the popular vote, and lost the electoral count, I would be as annoyed as the Dems have been these last few years, especially if the beneficiary were someone like Kerry or Gore (or Clinton II). But being annoyed is not sufficient reason to change it.