The first-past-the-post electoral system is only a part of the problem, and a relatively insignificant one in my opinion. Rather than focusing how the people who call themselves the government get to the halls of power - the main concern should be what happens what happens AFTER they get there.
Most parliamentary democracies have a system of revoking the confidence in the current government at any time. This is guaranteed by the proportional representation system under which no single party has the absolute majority, and parties must enter coalitions to form a government. If the coalition collapses, the government loses its confidence, which forces either forming a new government or a new election.
The US has no such provisions. In fact, it is virtually impossible to remove the current government no matter what - as the failed impeachment efforts have demonstrated (regardles of what one thinks on whether Clinton should or should not have been impeached). Like any other autocratic regime (e.g. the good old USSR) people who call themselves the US government, once in office, are virtually above the law, not accountable to any public pressure, no matter what they do. As long as that continues, elctions in this country will be nothing more but beauty contests - the candidates will say anything to get elected and then do whatever they or their corporate sponsors want, because they are not accountable for their actions.
Any political reform worthy its name should focus on instituting the no-confidence vote instead of fooling around with third parties or electoral college.
wojtek