Well, yes, there was a bit of a flaw in the original system. They sort of quietly excluded their own tyranny (of white male landowners) when writing it up, and since that group didn't want to give anyone else power it took a very long time to change.
Poor execution doesn't mean that the core idea is unsound, of course. Although I'm not at all convinced that the effect is necessary.
For one, we already have Wyoming being marginalized in the Presidential Election because it provides so few votes. Even a state that is a true toss-up (50/50) won't get too much attention if those few electoral votes don't measurably effect the outcome.
The only states who matter right now are battleground states with a large enough Electoral Vote to really tip the election. That's why Ohio gets so much attention. That one state is worth several other battleground states combined. 18 for Ohio is more than Colorado and Nevada combined. Florida is similarly important for the same reason at 29 votes. Actually...I'm not sure why Florida isn't more important this election. It's leaning Red right now. Maybe enough not to be truly contended? In any case, no one is paying too much attention to small states even if they are up for grab when the big states are what will almost certainly win or lose the election for a candidate.
Given that, I'd much rather move to a pure popular vote. If we're not going to care about small states anyway, can we at least care about all of the big states equally?