Fortunately, there are two obstacles to the passage of this scheme. First, it must be approved by a majority of Colorado's voters, which is unlikely because most (if not all) Bush voters will reject it, and some Kerry voters will reject it on the off-chance that Kerry will win Colorado's popular vote. Second, even if it's approved by a majority of Colorado's voters it will be challenged as unconstitutional (that's the U.S. Constitution I'm talking about). As it says in Article II, Section 1, paragraph 2 of the U.S. Constitution:
Each State shall appoint, in such manner as the Legislature thereof may direct, a Number of Electors...[emphasis added].It seems to me that a ballot initiative, in this case, would amount to an unconstitutional usurpation of legislative power.
(Here's the story. Thanks to Ed Driscoll.com for the tip.)