Honestly, my biggest problem with the Electorial College isn't the fact that votes are not proportional to population, but rather that the states are mostly (Nebraska excluded) winner-take-all.
If a presidential candidate were instead only rewarded their percentage of the vote in the state, it would still protect the small states yet actually make the individual votes matter. For example, under my proposed system, if in hypothetical State X with 9 electorial votes, Candidate A wins 2/3 of the votes and Candidate B wins 1/3 of the votes, then Candidate A would get 6 electorial votes and Candidate B would get 3 electorial votes, and it would acknowledge that not everybody in State X supported Candidate A, which is what I (and I imagine many voters) really care about: Acknowledgement of individual choice.
Before I continue bashing the Electorial College, I should probably explain the REAL reason for the Electorial College: It's SUPPOSE to hinder the popular vote.
See, the founding fathers of the United States, a few dozen of the richest and most powerful people in the Colonies at the time, were afraid of the general population being swayed into giving up their rights to another tyrant through a straight election. So, they set up the Electorial College so that even if a charismatic sychopath won the popular vote, somebody could step up and stop them. So, the Electorial College theoretically should stop Hitler from becoming President in the US. Anybody short of that...not so much.
And despite the totally reprehensable things that some Presidents have done (believe me, I know the sins of my country's forefathers), nobody crossed that line (and those who came close gave no such indications prior to election).