Says who? The Left is anti-capitalist, opposed to mere reformism (but not necessarily reforms), against racism/sexism/homophobia, committed to activism (well, not the cultural studies folks, but I'll make an allowance and call them "left" too).
The notion of abandoning the term "left" is silly. Of course we should concern ourselves more with capitalism and racism than with the "right." The only people who are bothered by the "right" are the liberal interest groups that somehow get my name from The Nation's mailing list, and liberals do not equal the left. This is kind of like what Carrol Cox is always saying about the reformist crowd getting bothered about corporations, whereas the left is more concerned about capitalism itself.
I love the term "Left." Wouldn't give it up for the world. Besides, who would take it?