
While Obama managed a much bigger win in the electoral college than he did in the popular vote, the Republicans still have a built in advantage due to their popularity in sparsely populated states, like the one where I grew up.
All states get a number of electors proportional to their number of representatives in congress along with another two each for their two senators. This means that the "empty" states get a bigger bonus, percentage wise, from those extra two.
For example, my old home state of SD has 800,000 people and 3 electoral votes while my current state of Minnesota has 5.2 million people and 10 electoral votes. That's one electoral vote for every 267,000 people in SD but only one for every 520,000 people in Minnesota. A SD vote counts almost exactly double what a MN vote does. (California gets only one vote for every 664,000 people.) If we have to keep the electoral college it would be far more equitable to drop those extra two votes per state and make the elector count more in line with a state's population. The current system is horribly unfair to folks in big states but it's also generally unfair to Democrats.
5 out of the 7 states with populations under 1,000,000 are traditionally Republican. Their outsized electoral clout is a small but real advantage to republican presidential candidates. John McCain won 32% of the electoral votes this year but if we were to take away the two votes that each state gets for its senators he would have only won 29%. That's not a huge amount but sometimes it's hugely important. If in 2000 the electoral votes had just been alloted in proportion to a state's population (i.e. if two electoral votes had been dropped from each state) Gore would have won, even without Florida, 226 to 211.
(The people who should really be pissed about the system are Californians. You have to add up the population of the 20 smallest states to get the number of people in California. Those 20 states get 91 electoral votes to California's 55.)
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