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.