I managed to shoot myself in the foot this morning by doing the following:
You can't recover the files, if you are using svn command-line client.
But you can recover them, if you are using TortoiseSVN as your svn client. TortoiseSVN will automatically move them to your Recycle Bin. You can restore them from there after an accidental revert.
This is a configurable option in TortoiseSVN. It is under Settings -> Dialog 1 -> Use recycle bin when reverting.
By default it is checked, which means files are moved to recycle bin. If you want(mostly you don't care to disable this. If you have a reason, please let me also know)