One could at least make the argument that the population centers should have more weight because that's where most of the people are, and those cities have the greatest financial and cultural influence. But why should, say, Iowa be as important as it seems to be in every Presidential election?
I actually like the principle of the electoral college, it reminds me that the US is in fact, a Union of States.
The real issue I see are the rampant gerrymandering of the congressional districts, which have a far greater skewing effect on the results than the electoral college (well, technically the same because the congressional districts are identical to the electoral college).
States representing a large majority of the US population have all passed legislation for a national popular vote, and no one doubts that a national popular vote on whether to have a national popular vote would succeed.