zcompile dir oddity with unmatched `

[Phil Pennock <zsh-workers+phil.pennock@xxxxxxxxxxxx>]

I was working on a prompt adjustment, ran zsh, got:
% zsh
update_zcompile_dirs:14: unmatched `
update_zcompile_dirs:zcompile:4: can't read file: /home/pdp/bin/zsh-funcs

Okay, reduce to:
% zcompile /home/pdp/bin/zsh-funcs 
zsh: unmatched `
zcompile: can't read file: /home/pdp/bin/zsh-funcs

Moved new functions out of dir, no difference.

% cd ~/bin
% mkdir N
% zcompile N
% for f in zsh-funcs/*; do print $f; cp $f N; zcompile N; done 
[ 8 items go in, before a problem, which then disappears with the 9th
  item; reappears with 23rd item, disappears again ]
% zcompile N
% diff -ur zsh-funcs N
Only in zsh-funcs: .svn
% cp -pR zsh-funcs/.svn N
% zcompile N
% diff -ur zsh-funcs N
% zcompile N          
% zcompile zsh-funcs 
zsh: unmatched `
zcompile: can't read file: zsh-funcs
% mv zsh-funcs zsh-funcs-X
% mv N zsh-funcs
% zcompile zsh-funcs
% zcompile zsh-funcs-X
zsh: unmatched `
zcompile: can't read file: zsh-funcs-X
%

In the middle there, I updated system zsh from 4.3.10 to 4.3.11 and it
had no impact.

% fgrep -r '`' zsh-funcs
zsh-funcs/fix-home-svn-perms:   if ! test ".`/bin/pwd`" = ".$master_dir"
zsh-funcs/.svn/text-base/fix-home-svn-perms.svn-base:   if ! test ".`/bin/pwd`" = ".$master_dir"
%

Something hinky; I don't have time to investigate further right now, so
throwing this out in case someone else has seen this and knows what
might be happening.

FreeBSD/amd64

-Phil