Thanks for the info.

Byou reflash your machine (though with any luck we'll all be doing that with the new firmware sometime this month) you could always download and untar the tarball from metasploit in a different folder to your existing updated one to see if that works (ie to see if msfweb doesn't work because of anything to do with SVN or whether you have a problem with your Ruby/Rails installation or something else.

Just a thought - apologies if it's so obvious you've already tried it!