Say I've added a bunch of debug code to files in a particular directory and that I want to now remove all the debug code. I could search through the file and manually remove it all or I could just re checkout the directory from SVN and replace the debug directory with the latest SVN code. Problem is, typing in "svn checkout" requires you know the URL of the repository / directory you're checking out.
If you could do something like "svn refresh" and have it just look at the .svn/entries file to get the URL that'd be a lot easier. I mean, ease of use is why "svn update" exists. You could just recheck out a repository every time you wanted to update your code to the latest version and manually do diffs comparing the newly checked out against your own and merging where conflicts exist as appropriate but "svn update" makes it a lot easier. Similarly, although technically maybe unnecessary, I think an "svn refresh" command would be nice.