Ok I figured something out here ! I have had this 'left USB port' issue with my MBP recently, and it only happened after trying to use a SUB-Serial converter in the left USB port with Windows (Bootcamp).
I got an error message saying that there was a malfunction with the device, and subsequently, the Windows Device Manager said that "No drivers were installed for this device". After seeing that the port sends power to devices but would not read them, and reading of some issues with Leopard and hardware, I decided to re-install OS X 10.4 Tiger. That did the trick, and the drive is reading devices normally again.
Leopard has apparently had quite a few issues with onboard hardware, and has had a few firmware upgrades, but this UBS port issue could well be software (driver) oriented. Those of you who have Tiger, could try a clean re-install after backing up all you settings and info, try the left port, then upgrading to Leopard again. If you only have Leopard, then perhaps try a clean re-install of Leopard before further upgrading to the latest version.
See what happens.