I understand your concerns about the larger states having disproportionate power, but the truth is that if the Electoral College were eliminated, states would become irrelevant in presidential elections. 

The issue isn't one of large states vs. small states but of urban sensibilities and values vs. rural sensibilities and values (the "Whole Foods" vs. "Cracker Barrel" phenomenon.) That divide isn't about state lines but about opposing ideologies which are becoming increasingly polarized.

Nonetheless, I don't expect the Electoral College to ever go away. It would require a constitutional amendment and too many states benefit from it for such an amendment to ever get ratified. 

Still, it would be fascinating to see how campaigns would change if candidates no longer strategized based on winning specific states but purely on winning the hearts and minds of like-minded voters. Would they even need to travel? I could foresee conducting an entire campaign from a television studio!