Authentication error. svn: OPTIONS of '/repos/reporting': 403 Forbidden (http://subversion.nestorurquiza.com)
While someone could be tempted to grant more permisions on the SVN server the reality is that from command line I did not get the same experience. Everything was working just fine from there.
To correct this I used the Subversive Update site from Eclipse Help/Install Software Menu. After an Eclipse restart I had to pick the latest 1.6 svn connector (not native) for it to work:
http://download.eclipse.org/technology/subversive/0.7/update-site/ - [required] Subversive plug-in