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The text Diagnosing SVN by Tom Lord describes a series of problems with the development of Subversion. There are a number of interesting insights on programming in general in that article. (Rebuttal here).
For the record, I am a big fan of Subversion. We use it at Flux Studios with generally very few problems. I also run a “server” at home, i.e. an external hard drive with a subversion setup, for all my personal work. Even though I am the only one accessing these files, I find the ability to back track changes and the general safe feeling of my work being committed is really worth it.
Compared to the only other version control systems that I have real experience with, CVS and Visual SourceSafe, it is really outstanding.