DUmbass hasn't thought this through.
Scenario: Support Obama by disappointed Dems is low, and support for Romney by disaffected conservative Republicans is equally low. David Dukes and Louis Farrakhan are nominated by the newly-formed "Ivory and Ebony Party". Liberal and conservative voters stay home. Voter turnout is 49% of registered voters; the vote splits 49/49/2. The Grand Wizard is inaugurated, with Calypso Louie just a heartbeat away.
I think we should stay with the current system.