del -> ci -> cp = missing directory?

The following recipe demonstrates some inconsistencies:

 svn del <dir>
 svn ci -m '' <dir>
 svn st -uN  <----- shows *no* changes, nothing missing
 svn cp . <tag/branch url> <----- fails with 'missing <dir>' error.
 svn up -N
 svn cp . <tag/branch url> <----- copy successful

I guess the problem is that the cwd meta data is not getting updated during the
commit?

Original issue reported by emiller