Thanks for the responses everyone! After some performance testing, I've found that the file:// protocol is marginally faster than http:// - but may not be fast enough to outweigh other administrative issues that should be taken into consideration.
I was comparing those 2 protocols initially because I was using VisualSVN server, which doesn't support the svn:// protocol. After reading (Rick Strahl's article), I found that svnserve.exe could be loaded as a windows service, which could support the svn:// protocol, but I don't think that configuration is supported by VisualSVN. If anyone wants to set that up for themselves, the command to load as a windows service is:
sc create svn binpath= "\"c:\program files\subversion\bin\svnserve.exe\" --service -rd:\subversion" displayname= "Subversion Server" depend=Tcpip start= auto