This is rather weird. When I do a Svn update, tortoise tells me that I am at the last revision, but there are plenty of exclamation marks everywhere telling me that lots of files are out of sync.
I can delete the old files, update, then get the new version, but a mere svn update on the file, on the directory or any parent directory does not work.
The (!) red circle icon means modified, not out of synch (I don't think such concept exists in Subversion). TortoiseSVN is telling you that you have local changes that have not been committed to the repository. You can inspect them with the "SVN Check for modifications" context menu.
The /!\ yellow triangle means conflicted. TortoiseSVN already tried to merge incomings modifications into your working copy but it failed because they interfere with some of your uncommitted local changes. You can review conflicts with the "SVN Check for modifications" context menu and you can launch a GUI tool to fix them with the "Edit conflicts" menu.
