The Electoral College keeps the small states semi-relevent during Presidential elections. The Constitution wouldn't have gotten past without it. Ya got to keep it or all the small states are leaving.
If the small states leave, the small states die. (definitely economically, perhaps literally)
Even if they all leave together?
Even then. Here is a map of what I consider small states (in gray):
As you can see, WV, RI and DE are isolated, NH, VT, and ME are connected to each other, and the rest are one large island of gray. This "island" comprises the area of the United States with the most sluggish economy. What's more, it is almost landlocked, and its only ports would be Biloxi and Mobile. It would have to make a lot of imports, and what could it export? Food? The United States would still have the most fertile food producing region (CA's Central Valley), so it would have no shortage of food. DOn't even get me started on the awesome miltiary weakness of such a state.
?
? Your choice.