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To start, here's a blockquote from http://wiki.pooteeweet.org/PHPSVN/:

Reasons for SVN:

1. diffs (on the client means faster, offline and less strain on server)
2. tagging/branching
3. serving via apache2 makes all sorts of things possible (better karma management)
4. SVN manipulates the filetypes and does not require any special instructions.
5. Directories, renames, etc. are all versioned.
6. Ability to use SVK (star merges, and more)
7. Ability to do external includes (e.g. pear stuff into pecl/pearweb)

Reasons against SVN:

1. larger checkout size
2. svn tools not available in all distros by default
3. $ID:$ equivalent does not generate consequtive numbering per file
4. developers will need to learn to do some things differently
5. is svn as flexible with encoding as CVS?
6. svn doesn't have real tags