As an update to my previous post, one of my coworkers found that this technique was also applicable to migration between Subversion servers and that using git as intermediary was actually a bit more graceful than the traditional svnadmin dump/load approach. Git wins once again!
The one thing he noted is that this ends up with occasional 0-length patch files, I’m guessing from commits that only modified svn properties. These files will cause git am to abort, but can just be deleted for the re-import.