The way it actually pans out, the US House of Representatives roughly corresponds to equal representation by population, while the Senate has 2 senators per state regardless of population, and then the Electoral College has one Elector for each Representative and Senator, making it a compromise between the two approaches.

Okay, if the states are considered separate entities, then that doesn't look too unfair. (Though I do think that that premise is no longer valid). Given the technological limits on long-distance communication that were present at the time that America was founded, it's quite a sensible system - for that time. With modern technology, and considering what America has become in the meantime (more like one country than a collection of individual states), I don't think that the system still remains as valid today.

Ideally, the Electors should then spend their votes in the same proportion as the voters: if 53% of voters vote for candidate A, then 53% of Electors (or as close as rounding errors will allow) should vote for candidate A. Having done a bit of research, though, I find that it does not appear to work that way - it seems that a state tends to spend all its electors on the candidate that got most of the vote, even if it's only 53% of that vote. Fixing that would seem to me, naively, to result in a choice that more closely represents the choice of the American people in aggregate.