All you should have to do is to apply factor() to your variable again after subsetting:
> subdf$letters
[1] a b c
Levels: a b c d e
subdf$letters <- factor(subdf$letters)
> subdf$letters
[1] a b c
Levels: a b c
EDIT
From the factor page example:
factor(ff) # drops the levels that do not occur
For dropping levels from all factor columns in a dataframe, you can use:
subdf <- subset(df, numbers <= 3)
subdf[] <- lapply(subdf, function(x) if(is.factor(x)) factor(x) else x)