Currently using Illustrator CS3 to do this. Unfortunately that ties down a lot of processing to my aging laptop.
The conversions:
tex --(pdflatex)--> pdf --(Illustrator)--> svg --(Illustrator/Batik)--> png
tex2svg, would cut Illustrator out of the roundtrip.
- based on pstoedit
LaTeXit (mac only) http://www.chachatelier.fr/latexit/