Always more than one way to do things...

In addition to the ancien technique of cvsup FreeBSD seems to now prefer the expedient approach of portsnap.

http://www.cyberciti.biz/tips/howto-keep-freebsd-system-upto-date.html

The following:

# portsnap fetch
# portsnap update
# portmanager -u -l

Will pretty much do it, noting that the fetch is around 60MB.