What about states that are neither big or contested - do they not matter?
How much attention will Utah or Vermont get in this election? Let's not pretend the electoral college somehow answers that problem. It just designates new important states that, yes, often are based on size. Florida, Ohio, Pennsylvania - they're all electorally rich and contested states.
Hell, California was once considered the most important swing-state prior to it solidifying as a Democratic state. The only thing that's changed is that it's now not considered a swing-state, but if it still was, you and I both know each candidate would spend a considerable amount of time there trying to win its 55 electoral votes.
Yes, in theory, the electoral college brings more clout to smaller states - but it also discriminates against safe states. Obama, Romney, they're not going to be making campaign stops in Utah or Wyoming or Illinois or Tennessee because those states don't matter.
So, because the system is not about necessarily every state, you have a situation that arises where the focal point is on Colorado, Florida, Iowa, Michigan, Nevada, New Hampshire, North Carolina, Ohio, and Virginia. That's 9 states out of 50 - or 18%. Not exactly a system that favors the entire country.
When you get down to it, we still have a system in place that favors certain states and while those states might be smaller, their importance in any given election is greater than a solid majority of the country.
Not to say just leaving it up to the popular vote is the answer - but that this fallacy the electoral college levels the playing field is just not true. It only levels it for a handful of states, while it also alienates a great deal of other states - big, medium or small.