According to Steven W Riggins:
Wow what a great idea.
I just checked out a clean dir, moved my plugins, themes and config file over, set permissions and all seems well!
That's what revision control is all about you know :)
I do the same with RadiantCMS, ruby 1.9 and a bunch of other utilities. My VCS of choice is Mercurial (http://selenic.com/mercurial) but that should not matter much :)