svn update brings changes from the repository into your working copy. If no revision given, it brings your working copy up-to-date with the HEAD revision. Otherwise, it synchronizes the working copy to the revision given by the –revision switch.

For each updated item a line will start with a character reporting the action taken. These characters have the following meaning:

A character in the first column signifies an update to the actual file, while updates to the file’s properties are shown in the second column.

via red-bean.com