There is a limitation (at least on some versions of Windows) of 11 total icon overlays. As more applications have been utilizing this feature of Windows, problems with TortoiseSVN, TortoiseCVS, and others have arisen. Any beyond the first 11 alphabetically are ignored and not displayed. If there are particular overlays you must see, you can work around this issue by updating which keys appear within the following key in the Windows registry:

HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\ShellIconOverlayIdentifiers

I found it convenient to simply rename a couple by prepending "z_" so that most TortoiseSVN icons appeared...

Here are a couple links I found on the subject:
http://blog.falafel.com/2009/12/17/WindowsIconOverlayLimitations.aspx
http://stackoverflow.com/questions/1057734/tortoisesvn-icons-not-showing-up-under-windows-7

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