In states where the vote is close (say 49% vs 51%), currently with "winner takes all", the 49% would not be represented at the national level.
With a popular vote, the minority (the 49%) would be fully represented at the national level.
Also, big states would loose a lot of their power because the minority in those states (lets say 33% ..or maybe 49% if it is a close vote) would not loose their votes to the "winner takes all" effect of the current Electoral College.
Minority voters, including 3rd parties, would have more representation at the national level.
Remember, this only pertains to presidential elections, not all the other elections.
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