We live in a very different nation in 2012 than the one of 1787 when the Electoral College was created.
The Electoral College is a slavery era construct resulting from a compromise between large and small states. It is designed to keep wealthy, aristocratic persons in control of government and is ultimately undemocratic. We have seen the will of the people in elections past be disregarded because of this antiquated system (Most recently the 2000 Election).
Voters today are well educated and literate. Regardless of politics, we are perfectly capable of vetting and selecting by direct popular vote, our President and Vice President. We petition our President to put a bill before Congress, and when ratified by the several states, amend the Constitution of the United States for this purpose.