Glenn C. Altschuler writes a quick review of George Edwards Why the Electoral College is Bad for America (Yale). It is a pretty good characterization of the arguments against the Electoral College (but also see the links here) and I especially like his last paragraph:
"One final objection, and it is a big enchilada, bedevils abolitionists. Direct election of Presidents does promote political equality. But to avoid the possibility of electing a President who has only a plurality in a crowded field, advocates of direct election provide for a runoff if no candidate gets 40 percent of the vote. The runoff, Mr. Edwards acknowledges, has some potential to fragment the party system. He argues, strenuously, that runoffs would be rare and would not destabilize the political system. The provision, however, is fraught with danger. Third-, fourth- and fifth-party candidates—let’s call them Ralph, Ross and Lyndon LaRouche—could enter the first round. Without a winner-take-all in each state, voters might be less likely to think they were wasting their votes on them. These reforms might weaken the already fragile two-party system—which, for all its flaws, has served this country well—and put fringe parties in the driver’s seat, à la Israel. It doesn’t seem worth the risk. Maybe, after all, the Founders were right."