Not sure if I should be ashamed or not, but I heard this—for the first time (!)—on the drive home Friday evening, and haven't been able to get it out of my head!
I hear two songs that were obviously influenced by this track: "In Quintessence" by Squeeze, and "Valentine" by The Replacements.
http://www.youtube.com/watch?v=50xx1_CbJTI