Do not use the "Team/switch" option, but rather change to the "SVN repository exploring" perspective and change the URL location there in the location properties of your repository. Works like a charm on Indigo - using Subversive in my case.
When using Subversive this will show a warning "The attached projects will be relocated because the repository root URL differs from the previously entered one", which is just what you want. Be sure to open all projects you want relocated before doing this.
When getting "Cannot relocate the connected projects" with "Relocation cannot be performed because the new URL refers to the different repository" then maybe your repository root has no trunk/tags/branches folders, or has such folders in subfolders as well. Then on the tabsheet Advanced, disabling the option Enable Structure Detection might help.
If you get "Relocation cannot be performed because the new URL refers to the repository which is not valid (incorrect URL or credentials specified)" then also make sure the root path within the new repository URL matches the root of the old URL. (In other words: ensure that /new/path
in the screenshot above has the same subfolders as the old URL.)