If I do this
export REPO=http://localhost:8888/tmp/repo
rm -rf /tmp/repo wc
svnadmin create /tmp/repo
svn mkdir $REPO/foo
svn mkdir $REPO/foo/bar
svn co -r1 $REPO wc
cat wc/.svn/dir-wcprops
svn up wc/foo
cat wc/.svn/dir-wcprops
cat wc/.svn/entries
then when I first examine dir-wcprops the version-url is
/tmp/repo/!svn/ver/1/
which looks sensible as I checked out revision 1. After the update
the version-url becomes
/tmp/repo/!svn/ver/2/
which doesn't look right to me. I haven't updated wc, and it's
revision in the entries file remains
revision="1".
You can see the same effect using svn.collab.net
svn co -r4370 http://svn.collab.net/repos/svn/trunk/tools/test-scripts wc
cat wc/.svn/dir-wcprops
svn up wc/svntest
cat wc/.svn/dir-wcprops
The version-url for wc changes from
/repos/svn/!svn/ver/2835/trunk/tools/test-scripts
to
/repos/svn/!svn/ver/4371/trunk/tools/test-scripts
although wc remains rev 4370.