Further to Andrew Jaffe’s message a couple of weeks ago, I’ve noticed since TM2 that⇧⌘A doesn’t work as well for Subversion as it did in TM1, or at least that Subversion Update doesn’t seem to work as expected if you⇧⌘A before it. In TM1 ⇧⌘A followed by ⌘Y Subversion Update would perform a full project update from the root directory. In TM2 it reports success, but never updates anything. In fact you have to select the project root directory, which I do by click on the project folder (top-left) and selecting the parent folder, followed by clicking on the project folder again to select it from the list.  Then ⌘Y Update works fine.

Jonathan Monahan