Quoting Subversion Obliterate, the forgotten feature, there are three components to the question, the problem, the reason and the solution. Since you started with the question to the solution, I'll start with that.
Solution
As you noticed, there is no great solution. Especially if you are dealing with a big corporate repository, since the solution becomes harder the bigger the repo gets. There's a feature called dump / filter through which you can clean out your repo of stuff you don't want, but it is not that easy to use, not fast and not reliant.
There has been a small effort (follow the thread) on the svn team to get an obliterate feature in there after 2008, but the effort died a silent death.
The problem
The article I mentioned at the start actually has a good list of use cases where one would need an obliterate command and in the 516 issue thread the developers actually acknowledged its merit.
Alas, it seems too late for that now; the real reason it was never added later, was that it now nigh impossible to implement it, as it hooks into the code at the most fundamental level (also see small effort link under Solution).
From the FAQ entry:
Revisions are immutable trees which build upon one another. Removing a revision from history would cause a domino effect, creating chaos in all subsequent revisions and possibly invalidating all working copies.
The reason
The problem is that originally the obliterate feature was dismissed as it was not conform the principle of true version control.
Again from the FAQ entry:
How do I completely remove a file from the repository’s history?
There are special cases where you might want to destroy all evidence of a file or commit. (Perhaps somebody accidentally committed a confidential document.) This isn’t so easy, because Subversion is deliberately designed to never lose information.
However
I've worked with SVN for a lot of clients now with larger teams and larger project and basically never had a real issue. Yes the use cases mentioned warrant an obliterate feature, but so far I'm not convinced that this is a problem that you have over and over again everywhere you go. Ofcourse, the nature of this particular problem is that you only have to make a mistake once and it can't be undone properly.