On the production choices note, I read an interview with Cohen some time ago where he said that he focused on writing the songs and when he got to the studio, he didn't much care how they got recorded or what production got added or what the arrangement was, because after he was done singing he got to go home and fuck Rebecca DeMornay. That helped explain a lot of his late '80s/early '90s sound to me.—klangklangston in the recent MetaFilter thread about this song.
Can you believe I hadn't heard this song before? My knowledge of Leonard Cohen stops at the end of Songs From a Room.
Now I must go and buy all the CDs he's issued since. I'll be back later.
BTW, all the YouTube comments about this song were made by sociopathic weasels. I have a truly marvelous proof of this proposition which the margin of this web page is too narrow to contain.