The EC is about defeating factionalism as much as it is about giving low population states a reason to actually vote.
The Founders were extremely worried about factionalism. The fact that the Democrat party has, as a matter of policy, created many factions (race, income, gender, national origin, sexual proclivities etc) and then swept them under their wing verifies the fear of the Founders. The tyranny of the majority can be made up of unifying various factions of so called "minorities". As a result we need the EC more now than in any time in the past. This election points that out very well. If the Democrat party had merely remained the party of the working middle class instead of the conglomeration of the factions they saw they needed to do to remain in power, they probably would never be able to elect another D president, ever. Now, without the EC there would never be another R president. The two most dangerous people to run for office, Gore and HRC were kept from power because of the genius of the Founders and the EC. Obama was an aberration, but got elected because of the factions of the D party and the "white guilt" of quite a few Rs.