It says alpha upon start. And yeah, it's finished when it's done, or vice versa. Everyone can report bugs of the latest SVN versions to speed up this process.
Cool, I found a lot of information that saved me more then few questions but there is just one thing I didn't fully understand - If I install the SVN software, can I download with it the latest Irrlicht SVN version ? (with the Revision number, yeah..?)
Yes. If you use windows, best client to use is TortoiseSVN. http://tortoisesvn.net/
TortoiseSVN alone suffices, you don't need the official client then.