Subversion lets you embed working copies of other repositories using externals, allowing easy version control of third-party library software in your project.
While
There are definite flaws in subversion externals, but we seem to use them reasonably successfully for including libraries (both our own and vendor) that the current project depends on. So I don't see them as an "anti-pattern". The important usage points for me are:
I too would be interested in any major risks of this arrangement, and better approaches.