It scares the hell out of me. Ideally, Congress would pass a law preventing this system.
If the electoral college must go, it would be better if we just abolished it. I won't support anything like this, however.
This system wouldn't be activated until enough states with a combined majority of EVs ratify it. And once it gets ratified, it will essentially mean electing our President directly by PV. If this ever gets ratified and won't get overturned or ruled unconstitutional, except a formal repeal of the Electoral College to follow shortly afterwards. I don't see what's so scary about it, unless one of course supports the EC.
What bothers me is a popular vote without a runoff if no candidate reaches a majority. Non-parliamentary leadership posts, such as the President of France, face such a runoff. The EC provides for a runoff in the House. Even the constitutional amendment proposal of 1970 (Bayh-Cellar) to provide for direct election had a runoff provision is no candidate received 40%.
True, it's a potential problem in that more extreme candidates could win with a small percentage of the vote in a 3 or 4 or more major candidate race, but such problems have rarely befallen governor's races, senate races, house races, state legislative races, etc. Every other election in the US almost without exception uses the popular vote, so I don't see how the Presidency is unique enough to need its own separate system of election.
And to the extent that it does need a unique system, I don't see what's so special about geographical boundaries on a map that makes that a better way of classifying the importance of one's vote as opposed to any other characteristic. Why not have each race, gender, religion, class, etc. have a certain number of electoral votes?