diff -r 49c7e875482d -r 6e74b912fa5c mercurial/subrepo.py
--- a/mercurial/subrepo.py	Mon Dec 06 21:17:27 2010 -0500
+++ b/mercurial/subrepo.py	Mon Dec 06 21:17:27 2010 -0500
@@ -682,8 +682,11 @@
             if line[2:].startswith('(no branch)'):
                 continue
             branch, revision = line[2:].split()[:2]
-            if revision == '->':
+            if revision == '->' or branch.endswith('/HEAD'):
                 continue # ignore remote/HEAD redirects
+            if '/' in branch and not branch.startswith('remotes/'):
+                # old git compatability
+                branch = 'remotes/' + branch
             if line[0] == '*':
                 current = branch
             branch2rev[branch] = revision