This year, it almost happened again, only this time the Republicans would have been the victim. If 137,000 people had voted the other way in Ohio, John Kerry would be the President-elect, despite losing the national popular vote by 3.5 million votes. The GOP managed to dodge that bullet, but it should be clear to them that the system is badly in need of reform. Since Dems have already indicated their interest in getting rid of the Electoral College, and since it can't be done without bipartisan support (amending the Constitution requires approval of two-thirds of both Houses of Congress), this is the perfect time to do it.
Of course, it's sort of a moot point, because the President probably wasn't telling the truth. If his first term is any indication, he doesn't want to work with Democrats; he wants to kill them and piss on their graves (politically speaking, that is). He's not incapable of working with Democrats—he did so very successfully as Governor of Texas—but as President, he's shown no such interest. So I concede it's unlikely to happen. But a man can dream, can't he?