(replying as a TSVN user, not a dev, so don't take this as an official reply)
Repo browser hanging on 'Please wait while repository browser is initializing' is generally a sign of slow responses from the server. From what I've seen, repo browser issues a request to the server for each directory in the expanded browsed path. Depending on the number of directories in the browsed path and the speed of replies from the server, it might take a lot of time on slow servers (if you can get a reply from a server at all).