They only way I'd really be comfortable with keeping the Electoral College would be to require every state to award EVs proportionally (like that 2008 Colorado ballot initiative). Possibly coupled with an increase in the size of the House, maybe implementing something like the Wyoming Rule, to ensure greater proportionality.
And while we're at it, if nobody has an Electoral College majority it'd probably be better if it led to a top-two runoff rather than having Congress pick a winner.
I don't know about proportional allocation of electoral votes, but the Wyoming rule would fix most of the problems with the electoral college. Gore would have won in 2000 for instance with a larger House and consequently a larger and thus more representative electoral college. This change would also make it essential for the two parties to try for all the big states once again as they would gain substantially in Electoral Votes.
I think it general needs to be fixed, but I don't think it needs to be dumped. The problem it has is that it relies on its component parts to do their intended roles. The House is not currently because the districts are too large and thus it isn't serving its role as the voice of popular will.