I noticed that when an upgrade is run from the openacs repository (with the APM installer), the old package directory is renamed to *.bak and a new directory is created but without the CVS subdirectories, which is confusing.... I realize now that "Upgrade from Local" should have been used if the intention is to work with CVS (which is clear reading the Administrator's Guide).
Anyway, I think that if the upgrade is done from the repository, the latest changes after the release tag are not taken (which was probably the initial question).