I agree with your view of The Economist and its readership -- many of my otherwise intelligent and left-leaning tech friends subscribe to the rag (I am not sure how much of it they read) because of this strange attraction it holds (perhaps there are Anglophilia issues here).
Though I do not know of any "left" alternative to the bloody thing, believe it or not, I often suggest Business Week as a more intelligent alternative to those who ask. Not only is most of the BW content better thought out and reasoned, they exhibit more of a moral faculty (while The Economist reads entirely like an organ).
>From my memory of an earlier post I made: the three magazines everyone
should subscribe to: Business Week, GQ, Frommer's Budget Travel. ;-)
--ravi