This section is from the "Version Control with Subversion" book, by Ben Collins-Sussman, Brian W. Fitzpatrick and C. Michael Pilato. Also available from Amazon: Version Control with Subversion.
On many operating systems, the ability to execute a file
as a command is governed by the presence of an execute
permission bit. This bit usually defaults to being disabled,
and must be explicitly enabled by the user for each file that
needs it. But it would be a monumental hassle to have to
remember exactly which files in a freshly checked-out working
copy were supposed to have their executable bits toggled on,
and then to have to do that toggling. So, Subversion provides
the svn:executable property as a way to
specify that the executable bit for the file on which that
property is set should be enabled, and Subversion honors that
request when populating working copies with such files.
This property has no effect on filesystems that have no
concept of an executable permission bit, such as FAT32 and
NTFS.
[12]
Also, although it has no defined values, Subversion will force
its value to * when setting this property.
Finally, this property is valid only on files, not on
directories.
[12] The Windows filesystems use file extensions (such as
.EXE, .BAT, and
.COM) to denote executable
files.