It would seem like some backend script just creates a deeper SRPMS structure on every run. ncftp ...RPMS/SRPMS/SRPMS/SRPMS > pwd ftp://rawhide.redhat.com/pub/redhat/linux/rawhide/SRPMS/SRPMS/SRPMS/SRPMS/SRPMS/
I've been chit-chatting with Matt Galgoci with regards to this issue. He said began looking into why a symlink SRPMS exists (pointing to ../SRPMS -- its parent directory created an infinite loop). I found this out when my system was downloading gigs upon gigs of wonderful source RPMs...
This will be fixed whenever a new tree is pushed.