I'm strongly in favor of abolishing the Electoral College. It may have worked when there thirteen States with relatively low populations-- probably not, but it may have-- but it certainly doesn't work now. What it does now is contribute to low voter turnout, create a two-party system that weaponizes ideology and promotes extremism and occasionally result in the election of the loser.
There are two reforms that need to happen to correct the current problems with the system: The abolition of the Electoral College and the ranking of candidates.
The abolition of the Electoral College would end the Red State versus Blue State nonsense. As it is now, many people don't vote because they believe their vote doesn't count-- and they're right. I live in Massachusetts, so it doesn't matter if I vote or not; the Democrat is going to win. Personally, I vote anyway, as a matter of principle, but it doesn't really matter. Blues in Red States and Reds in Blue States have no say-- worse, the large segment of the population who, like me, are neither Red nor Blue, have less than no say. Abolishing the Electoral College would mean that politicians would have to deal with the people and that everybody's vote would count, driving up the turnout and changing the demographics of the elections.
Being able to rank the candidates-- i.e., saying "I vote for Wesley Clark, but if he loses I want my vote to go to John Kerry and not George Bush"-- would make it possible for third-party and independent candidates to have a chance at actually winning an election. This would also serve to increase voter turnout, give the people a real choice and reduce the power of the two major parties, ultimately breaking the back of the two-party system.
These two reforms would give the people more say in how their president is elected and provide candidates that are actually qualified to do the job, rather than just figureheads for a couple of extremist political corporations. Optimistically, it could change our entire culture to something more benign and civilized.