No not auto equip. Would be nice if the game could look for newer version files and download them on it's own or something of sort
What newer files? Most of the changes involve code change so you need to recompile, maybe compatibility break so you have to restart the campaign. Such feature could cause a lot of problems we don't wanna manage IHMO.
You can set up a cron job (scheduled task) to update from svn, recompile for yourself..
-geever