[mercurial] Discard all and get clean copy of latest revision?

Those steps should be able to be shortened down to:

hg pull
hg update -r MY_BRANCH -C

The -C flag tells the update command to discard all local changes before updating.

However, this might still leave untracked files in your repository. It sounds like you want to get rid of those as well, so I would use the purge extension for that:

hg pull
hg update -r MY_BRANCH -C
hg purge

In any case, there is no single one command you can ask Mercurial to perform that will do everything you want here, except if you change the process to that "full clone" method that you say you can't do.