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%.
Anyways, no winning candidate has received less than 40% of PV since 1828.
Lincoln received 39.7% of the PV in 1860, and in 1828, Jackson won with 55.9%, not less than 40%.