Garett Jones has a post at Econlog stating why he is a fan of the electoral college. His basic argument is that it lowers regional conflict by forcing politicians to aim for the median voter in swing states as opposed to running up the score in individual states, and thus overemphasizing regional differences.
Another advantage I see is that it weights the votes of each state by their population, not by the number of people voting. Therefore, if we see a scenario where a natural disaster hits one or two states and depresses their voting, it lessens the probability of that affecting the election.
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