What are the strongest arguments FOR and AGAINST the Electoral College in its present form?

In the 2000 presidential election, Democratic candidate Al Gore won the national popular vote by several hundred thousand votes. However, due to the mechanics of the Electoral College, Republican candidate George W. Bush gained more Electoral College votes, thus winning the election and ultimately serving two four-year terms as president. There was brief outrage among the Democrats, but the debate over the Electoral College quickly faded away. We recently experienced a repeat of this occurrence with the 2016 presidential election, in which Republican candidate Donald Trump won the Electoral College majority and the presidency, despite losing the popular vote by several million to Democratic candidate Hillary Clinton. Is the Electoral College consistent with democratic principles, or is it an obsolete institution contrary to democratic principles?
Consider these factors while developing your position:
• Should the Electoral College be scrapped in favor of a direct popular vote, or re-engineered to make it more consistent with the popular vote?
• What are the strongest arguments FOR and AGAINST the Electoral College in its present form? Make sure you can demonstrate how the Electoral College actually works – in real life practice, not just in theory – in presenting your argument.