Andy, actually, your vote here in MN matters MORE than a vote by Joe Schmo in CA, as a vote in MN had a far higher chance of swinging the result here than a vote in CA has of swinging the vote there.
TJR, I don't think it's right to say that the EC usefulness has run its course, simply because many even in the founding fathers days felt it had no usefulness back then.
Note that the "winner take all" system is not mandated--states can choose how to allocate their electoral votes. According to a story I saw this morning on CBS's Sunday Morning program this past Sunday, there is a movement in many states--in fact, several states have already adopted it into legislation--to change the way their electoral votes are cast, such that they go to whichever candidate wins the majority of the national vote. The caveat--the change only goes into effect once enough states pass the legislation that the number of electoral votes exceeds 270. If that happens, even though the electoral college would still exist, it would be rendered irrelevant. So if you think the electoral college is a bad idea, push this legislation in your state.