The best thing that could happen with this election
Bush wins the popular vote and Kerry wins the Electoral College. Then there would be some impetus by the Republican controlled House (and Senate?) to do away with this beast.
Good reasons for not having an EC:
1) Candidates will spend less time in rural states (troublesome for those free-marketers who end up standing on bales of hay vowing to protect the dairy subsidies)
2) Advertising will be national buys, less likely to see a Willie Horton ad during the evening news broadcast
3) Candidates will have to gain support from political blocks, not geographical blocks
4) More candidate facetime in NY and LA