HB1703: state-based plan to elect the President by popular vote

I hinted earlier this week that a draft was circulating that would attempt to circumvent the electoral college process by pooling enough states together (270 electoral votes) to effectively elect the President by popular vote. That bill was filed yesterday by Monty Davenport (click here to read the bill).

Who's for it? Davenport has distributed a promotional book to House members showing support from the New York Times, Chicago Sun-Times, and the Minneapolis Star Tribune, among others. I note that the book was published by the "National Popular Vote Press," and it includes commentary from all over the political spectrum. It's 600+ pages, so I won't be able to read all of it (Monty, send me the Cliff Notes).

I looked up the Arkansas references in the index, and the book makes remark of our Wallace vote in '68 (the same year -- as has been well publicized -- that we elected a Republican Governor and Democratic Senator). It also notes that Arkansas's implementation of the 17th Amendment (to elect U.S. Senators by popular vote) was done by citizen-initiative petition (1938) and is in the state constitution, unlike other states (mainly statutory enactments).

Even if it's an idea that the People would like to implement, I'm not sure I like this back-door way of doing it. I'm also generally skeptical of changing 200+ year old systems, but it's admittedly hard to say that since I've filed a bill this sesison to codify the Rule Against Perpetuities, a 400 year old common law doctrine. I haven't had the opportunity to read the bill in detail yet, and I'm anxious to find out what happens to this compact in the likely event enough states do not join. Are we still required to cast our votes to the popular vote winner?