I tried out Subversion after finding a link on http://del.icio.us/.
I've only used SourceSafe for real before, so this was a refreshing experience. Not that I've done anything fancy yet, but the Explorer integration in TortoiseSVN is real nice.
Well... except for one thing. Along with the right-click menu they put stuff in the "File" menu, so now my shortcut reflex Alt-F, Return, Return for creating a new directory is screwed up.
Ok, one other thing as well. Subversion creates .svn directories everywhere, and while they're not visible in the right pane in Explorer, they're still visible in the directory tree in the left pane, even if you configure Explorer to "Do not show hidden files and folders".
I think I favour the idea of not checking out files (and locking them), instead focusing on merging changes when checking in/comitting.
The diff tool in TortoiseSVN is decent, but nowhere near as competent as Araxis Merge.