In practice, I can tell you from first-hand experience that this isn't all that simple in bigger, organically grown cases (you'll have many other things to consider if you want to keep the history in a useful way). Especially the broken branching model of SVN and co. is a problem here: In the wild, it immediately leads to "copy&paste branching" (usually through multiple commits. Migrating that to Git or Hg and splitting it up can be a challenge.