Except 1) GOP voters in blue states are totally disenfranchised by the EC, and 2) less populated states get less electors. If you think population centers determine everything consider the election we are in: Romney ahead considerably on national polling, but in possible trouble due to the EC. And cities are STILL going Dem.
The best thing that can be said for the EC is that the distortions it introduces to the selection of Pres/VP at least do not particularly favor one party or the other. But we lost the main reason for the EC, which was that it was supposed to increase the power of States over the Federal government. States are now mandated to choose electors based on balloting.