Updating Subversion on 64-bit Linux (Centos 5)

I just ran into a problem when trying to upgrade to the latest rpm-packaged version of Subversion on Centos 5 x86_64 — simple solution, but not obvious, so hopefully this will help someone.
It goes like this, as root:
$ yum update subversion
[normal messages snipped]
Transaction Check Error:
  file /usr/share/emacs/site-lisp/psvn.el
from install of subversion-1.5.5-0.1.el5.rf
conflicts with file from package subversion-1.4.2-2.el5
  [...]

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