Well I don't see how the electorial college system can be considered that great when in theroy a person who gets fewer votes can lose. Hardly seems fair.
From a democratic point of view, the council is most likely to be Parliamentary in style, one member one vote. We can infer from ENT that the UE Government appears to be parlimentary based on the title Minister used in the "Terra Prime". But until we actually see it we can't know for sure.
The Federation Council might be a mixture of styles, i.e. a Parliamentary style chamber with a directly elected President.