I'm working on some improvements to the mathtext engine on a branch. Feel free to join in if curious, but I expect to break lots of things as I go.
https://matplotlib.svn.sourceforge.net/svnroot/matplotlib/branches/mathtext_mgd/
I've collected a bunch of math expressions from the source tree for use in regression testing. If you have any math strings of your own that you want to make sure I don't break, please send them to me (probably should be off-list to conserve noise).
Here's the preliminary TODO list I'm working with in no particular order (compiled from the TODO list in mathtext.py and the list of improvements in mathtext2.py):
1. Deal with nested sub/superscripts, such as $x_i_j$, equivalent to $x_{i_j}$
2. Make the font change tags (\cal, \tt, \rm etc.) behave more like TeX, e.g. use ${\rm sin}$ instead of $\rm{sin}$
3. Support roman function names, e.g. $\sin$ as a shortcut for ${\rm sin}$
4. Implement \frac
5. Other layout commands, like large \sqrt (I suspect there's a very large list of these things and they will have to be prioritized.)
6. Support kerning (probably best put off until we have good fonts with kerning information to use, e.g. STIX fonts)
...
(1 and 2 are already implemented in the branch.)
I don't want to start a long thread about all the desired features for mathtext -- I'm sure there are lots of them. There will need to be some way to prioritize, which I leave up to those on this list who have been around long enough to have a sense of what features are more pressing than others.
In general, is the goal with mathtext to become as TeX-compatible as possible (for some subset of standard TeX math syntax?) The reason I ask is, (1) above is not valid LaTeX and raises the error "Double subscript". Task (2) will break backward compatibility with existing matplotlib plots. In the long run, maintaining two codebases or two separate paths through the same codebase probably won't scale.
Cheers,
Mike