It was supposedly intended to avoid populism, but given that the electors are likely to be just as influenced by a populist leader as anyone else, it seems like it assumes a level of care picking the electors that isn't really reasonable.
Given rule changes (around punishing electors if they vote against who they are supposed to), and the recent way that electors did and didn't vote during the last few elections, it's clear that the system has no value now.
"It was equally desirable, that the immediate election should be made by men most capable of analyzing the qualities adapted to the station, and acting under circumstances favorable to deliberation, and to a judicious combination of all the reasons and inducements which were proper to govern their choice. A small number of persons, selected by their fellow-citizens from the general mass, will be most likely to possess the information and discernment requisite to such complicated investigations. It was also peculiarly desirable to afford as little opportunity as possible to tumult and disorder. This evil was not least to be dreaded in the election of a magistrate, who was to have so important an agency in the administration of the government as the President of the United States. But the precautions which have been so happily concerted in the system under consideration, promise an effectual security against this mischief...
Talents for low intrigue, and the little arts of popularity, may alone suffice to elevate a man to the first honors in a single State; but it will require other talents, and a different kind of merit, to establish him in the esteem and confidence of the whole Union, or of so considerable a portion of it as would be necessary to make him a successful candidate for the distinguished office of President of the United States."
Given rule changes (around punishing electors if they vote against who they are supposed to), and the recent way that electors did and didn't vote during the last few elections, it's clear that the system has no value now.