The electoral college makes it more likely there will be only 2 political parties.
In 2000, Al Gore won the popular vote by approximately 500,000 votes. However, due to the Electoral College, the person with fewer votes won — George W. Bush.
Another problem is the severe imbalance between the less populated states and the densely populated states.
The Constitution specifically states a candidate for President or Vice President must receive a majority of the electoral votes to win (currently 270). If there is a tie (or a third or fourth party siphons off enough votes) then the process gets even less democratic, since Congress would be in charge of electing the president.