The idea that the EC serves to "protect" rural areas against big cities doesn't really hold water. It slightly exaggerates the voting power of smaller states, which are usually more rural, but its main effect by far is to massively increase the voting power of people in swing states. Rural Texans or Kansans have much less influence than urban Denverites or Philadelphians.
The argument that it prevents small states from being neglected is pretty bogus also: the candidates spend plenty of time and money campaigning in NH, but almost none in WY, ND, or SD.
Not really accurate. What it does is make states matter in the first place, since we are a collection of 50 distinct states. If the EC were proportional (without the two EV bonus to every state), Wyoming would have 1/436 (or 0.23%) of the votes. Instead, it has 3/538 (or 0.56%) of the votes, more than double the power it would otherwise have. The EC works to protect our federalist system.