http://subversion.apache.org/docs/release-notes/1.7.html
Some big changes in 1.7 extracted from the release notes:
Working Copy Metadata Storage Improvements
A key feature of the changes introduced in Subversion 1.7 is the centralization of working copy metadata storage into a single location. Instead of a .svn directory in every directory in the working copy, Subversion 1.7 working copies have just one .svn directory—in the root of the working copy. This directory includes (among other things) an SQLite-backed database which contains all of the metadata Subversion needs for that working copy.
svn patch
Subversion 1.7 features a new subcommand called svn patch which can apply patch files in unidiff format (as produced by svn diff and other diff tools) to a working copy.
Improved HTTP protocol usage
Subversion 1.7 offers a simpler HTTP protocol variant that can be used when connecting to supported servers. This simpler protocol (sometimes referred to as HTTPv2) requires fewer client-server round trips to establish a connection, making Subversion much more performant on high-latency network connections.