The most compelling argument I've seen for the electoral college is that it favors a wider distribution of votes deciding the winner. The biggest impact of the system is that low density states get a vote that is disproportionate to their population. The U.S. is a big country with big differences in terrain, lifestyle, industry and culture. The electoral college forces the winner to have a somewhat broader appeal across these demographics.

I think it's a reasonable argument. My complaint is the all or nothing results for most states. I would like to see all states split it by congressional district with the extra two votes going to the majority.