We are looking for a Subversion client for OSX Lion that support version 1.7, but we cannot find one.
Is there "an app for that"? :-)
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Cornerstone just updated to 1.7 on Feb. 10th http://www.zennaware.com/cornerstone/index.php
You can configure svnX (free client) to use SVN 1.7 by changing "path to SVN binaries" in Preferences to your SVN 1.7 install path.