diff -r 497493b777ad -r 921683f14ad7 mercurial/localrepo.py
--- a/mercurial/localrepo.py	Sun May 01 19:44:28 2011 +0200
+++ b/mercurial/localrepo.py	Sun May 01 19:51:28 2011 +0200
@@ -1228,7 +1228,8 @@
                 if fn in mf1:
                     if (fn not in deleted and
                         (mf1.flags(fn) != mf2.flags(fn) or
-                         mf1[fn] != mf2[fn])):
+                         (mf1[fn] != mf2[fn] and
+                          (mf2[fn] or ctx1[fn].cmp(ctx2[fn]))))):
                         modified.append(fn)
                     elif listclean:
                         clean.append(fn)