I have a client who had to rebuild his automated build server. He checked out his project folder from my subversion server but is now no longer able to commit - he gets this err
For me the problem was solved (as hinted in the update of the question) by changing the permissions of my local folder (not the repository). In Windows Vista you do that by right-clicking on the folder and in properties/security you change permissions.
The error message is not very good and it wasn't easy to find an answer so I hope my answer helps other people to solve this annoying but on the other hand simple to solve problem.