I think that there is a way to have Eclipse automatically checkout new revisions, but I'm not exactly sure how. It would be a lot easier than first deleting the old projects and then checking out new ones. Does anyone know?
Hehe

. Of course.
If you want to checkout the new revision blindly (which you might want), you can simply right-click the project-root in the Package Explorer and select Team->Update. Then the new revision will be checked out.
I myself like to review any change, that's coming in. Therefore I click on Team->Synchronize to compare the current Working Copy (SVN naming for the repository copy, that's currently on your disk) and the HEAD revision and checkout the files one by one (or all at once, or only selected once, etc.).
Marvin