Yes. Keyword expansion is performed on checkout, and not in the repository. You can use e.g. "svn cat" to view the file as you would get it in a working copy:
chiyo:/tmp% svn cat http://pike-svn.lysator.liu.se/Pike/7.9/README-CVS | head -1 $Id: README-CVS 32374 2007-03-12 05:07:48Z jhs $ chiyo:/tmp%
