Actually, after the 2000 elections there was an article in Discover magazine about different voting methods. I remember this one, and while I'm not positive, I believe it was pretty high up there as far as garnering an accurate statistical representation of the people's will. The other thing I took out of the article that I remember to this day is that, with or without the electoral college, our manner of voting is the absolute worst regarding accurately depicting the people's will.
I'll look through my extensive archive (which is unfortunately not catalogued cause I'm not a damn library
) and see if I can find the article again.