When you want to work on a new version of your project you can define a new version. This allows you to assign bugs to either the current and/or future versions, and denote in which versions the bug will be fixed. This can help prioritise your work and help your users see what is planned to be fixed when. See section 3.4.3 of the documentation for details.
To associate Subversion with Bugzilla, you can the ScmBug, or other integrations like Eclipse's Mylyn to manage the relationship between Subversion and Bugzilla.For example with Mylyn you can have the Bugzilla task "active" in your Eclipse workspace, so any Subversion commits are associated with the task. There's a nice introduction to Mylyn on developerworks.
When you have the relationship set up and commit a change, the integration will associate the task number with the revision.
If you want to automate creation of Bugzilla versions when you do the tagging in Subversion, there are some pointers below, though you are probably better doing this manually as creation of the tag doesn't mean that the product has been built and made available for your users (unless you extend the hook to also create your packages).
You can set up a post-commit hook for Subversion, this hook will be invoked whenever you commit a change. You can check if the type of commit is a copy to the tags directory and invoke Bugzilla via the API to create a new version.
You'd need to define some convention for your release tags so that versions aren't created for all tags (e.g. invoke the API if the tag starts with "release").
The Python Subversion exension pysvn can help simplify your hook processing.
There are also some example scripts in the Subversion documentation that can help you get started.