The alternative I'm not seeing here is a "Branch on Change" philosophy.
Instead of having your trunk the "Wild West", what if the trunk is the "Current Release"? This works well when there is only one version of the application released at a time - such as a web site. When a new feature or bug fix is necessary a branch is made to hold that change. Often this allows the fixes to be migrated to release individually and prevents your cowboy coders from accidentally adding a feature to release that you didn't intend. (Often it's a backdoor - "Just for development/testing")
The pointers from Ben Collins are quite useful in determining what style would work well for your situation.
