I like the idea of getting rid of the EC in its' current form but I don't think it should be a straight popular vote.
The EC would be well served if there were a rotation where by 1/3 of the States had proportonal electoral college votes, 1/3 had winner take all, and the final third had straight popular vote where they had no electoral votes up for grabs but just a number of votes to be had.
To win, you have to win the Presidency, you have to win both the EC and the popular vote across all 3 platforms.
For example:
If Romney/Cain or Obama won 275 electoral votes across the 2/3 of the states and lost the popular vote across all 50 states, he would not be the President-Elect; the HOR would decide.
This popular vote enhancement would throw the doors open for 3rd party candidates depending on the states that are in play that year. Also, in the proportional states, if he or she gets 20% of the votes, they get 20% of the electors. This may not be enough to put a Green Party or Libertarian Party candidate into the Oval office but Romney/Cain and Obama will have to compete with these guys and gals.
no one is talking about "losing the popular vote across all 50 states". in fact, if you lose the popular vote across all 50 states, you wouldn't get the electoral college. the situations that are problematic are those like the 2000 election.