I've seen it was released (unofficially maybe) on http://www.discogs.com/Placebo-Flesh-Mechanics-Demos-95-96/release/1322845
And also on a similar disc, with the same tracklist, called "Angst", also unofficial. More like a copy of the one above.
I do know Placebo just from the era of the Taste In Men maxi-single release. Since that moment I've followed their sound with all the disc they've been releasing.. but I never knew about this song until today. I've heard it on the 10th Anniversary Collectors Edition and let me say that I also ask myself why they never released this gem before, because as far as I know I've not seen this song released even on the 1996 singles and so on as B-Side or whatever. If anybody knows a release of this song different than this 10th Anniversary Collectors Edition, please leave me a message in my profile or something ! Thanks !