I know this topic was raised during the 2008 elections, but it is even more prescient this time around.
Some VERY interesting hypotheticals on CNN Politics right now:
http://www.cnn.com/2012/07/26/politics/electoral-college-tie/index.html
What would be the fall-out if there was an Electoral College tie? 269-269, neither Obama or Romney getting the magic 270 number to win?
Election results in key states would immediately be subject to legal challenges. Electors, normally an anonymous batch of party insiders elected to ratify each state's winner with their electoral votes, would be lobbied to change their votes by friends, neighbors and political leaders.
Ultimately, the House of Representatives could elect the next president, even if that candidate lost the popular vote.
"What it would reveal is that we have, in some sense, a profoundly undemocratic mechanism for dealing with a tie," said Alex Keyssar, a professor of history and social policy at Harvard University, and a critic of the Electoral College. "I think there would be an enormous outcry over that."
If you thought the 2000 elections were crazy with all the legal wrangling, this could very well tear at the very fabric of the system!
If the (currently) Republican-dominated House of Representatives chose Romney even though Obama won the popular vote... the OWS protests would look like child's play.
Think people threw a stink over the SCOTUS deciding 5-4 Bush over Gore?