Hmm, not sure I agree with Nick re tag being similar to a branch. A tag is just a marker
Trunk would be the main body of development, originating from the start of the project until the present.
Branch will be a copy of code derived from a certain point in the trunk that is used for applying major changes to the code while preserving the integrity of the code in the trunk. If the major changes work according to plan, they are usually merged back into the trunk.
Tag will be a point in time on the trunk or a branch that you wish to preserve. The two main reasons for preservation would be that either this is a major release of the software, whether alpha, beta, RC or RTM, or this is the most stable point of the software before major revisions on the trunk were applied.
In open source projects, major branches that are not accepted into the trunk by the project stakeholders can become the bases for forks -- e.g., totally separate projects that share a common origin with other source code.
The branch and tag subtrees are distinguished from the trunk in the following ways:
Subversion allows sysadmins to create hook scripts which are triggered for execution when certain events occur; for instance, committing a change to the repository. It is very common for a typical Subversion repository implementation to treat any path containing "/tag/" to be write-protected after creation; the net result is that tags, once created, are immutable (at least to "ordinary" users). This is done via the hook scripts, which enforce the immutability by preventing further changes if tag is a parent node of the changed object.
Subversion also has added features, since version 1.5, relating to "branch merge tracking" so that changes committed to a branch can be merged back into the trunk with support for incremental, "smart" merging.
I asked myself the same questions when we came to implement Subversion here -- about 20 developers spread across 4 - 6 projects. I didn't find any one good source with ''the answer''. Here are some parts of how our answer has developed over the last 3 years:
-- commit as often as is useful; our rule of thumb is commit whenever you have done sufficient work that it would be a problem having to re-do it if the modifications got lost; sometimes I commit every 15 minutes or so, other times it might be days (yes, sometimes it takes me a day to write 1 line of code)
-- we use branches, as one of your earlier answers suggested, for different development paths; right now for one of our programs we have 3 active branches: 1 for the main development, 1 for the as-yet-unfinished effort to parallelise the program, and 1 for the effort to revise it to use XML input and output files;
-- we scarcely use tags, though we think we ought to use them to identify releases to production;
Think of development proceeding along a single path. At some time or state of development marketing decide to release the first version of the product, so you plant a flag in the path labelled '1' (or '1.0' or what have you). At some other time some bright spark decides to parallelise the program, but decides that that will take weeks and that people want to keep going down the main path in the meantime. So you build a fork in the path and different people wander off down the different forks.
The flags in the road are called 'tags' ,and the forks in the road are where 'branches' divide. Occasionally, also, branches come back together.
-- we put all material necessary to build an executable (or system) into the repository; That means at least source code and make file (or project files for Visual Studio). But when we have icons and config files and all that other stuff, that goes into the repository. Some documentation finds its way into the repo; certainly any documentation such as help files which might be integral to the program does, and it's a useful place to put developer documentation.
We even put Windows executables for our production releases in there, to provide a single location for people looking for software -- our Linux releases go to a server so don't need to be stored.
-- we don't require that the repository at all times be capable of delivering a latest version which builds and executes; some projects work that way, some don't; the decision rests with the project manager and depends on many factors but I think it breaks down when making major changes to a program.
Best Solution
Your trunk should ALWAYS compile, if you need to make breaking changes you should use a branch and merge the changes back later.
Read this chapter of the SVN book: http://svnbook.red-bean.com/nightly/en/svn.branchmerge.html