usetex on Windows 7, hangup without any error

Dear matplotlibbers,

I am currently trying to convince matplotlib using LaTeX for text
processing. Unfortunately, it seems to hang up at some point in the
minimal example script from the user's guide (also posted below)
without throwing any warning or error. As I am new to python and
matplotlib, I am not able to track down the problem.

My OS is Windows 7 (Professional), 64bit, using MikTeX and GPL
Ghostscript (all in my PATH), following is an example cmd.exe session:

C:\somewhere>python --version
Python 2.6.4

c:\somewhere> tex --version && latex --version && pdftex --version &&
pdflatex --version
MiKTeX-TeX 2.8.3489 (3.1415926) (MiKTeX 2.8)
Copyright (C) 1982 by D. E. Knuth; all rights are reserved.
TeX is a trademark of the American Mathematical Society.
MiKTeX-pdfTeX 2.8.3563 (1.40.10) (MiKTeX 2.8)
Copyright (C) 1982 D. E. Knuth, (C) 1996-2006 Han The Thanh
TeX is a trademark of the American Mathematical Society.
MiKTeX-pdfTeX 2.8.3563 (1.40.10) (MiKTeX 2.8)
Copyright (C) 1982 D. E. Knuth, (C) 1996-2006 Han The Thanh
TeX is a trademark of the American Mathematical Society.
MiKTeX-pdfTeX 2.8.3563 (1.40.10) (MiKTeX 2.8)
Copyright (C) 1982 D. E. Knuth, (C) 1996-2006 Han The Thanh
TeX is a trademark of the American Mathematical Society.

c:\somewhere>dvipng --version
This is dvipng 1.12 Copyright 2002-2008 Jan-Ake Larsson
dvipng 1.12
kpathsea version 3.3.2
Compiled with Freetype 2.3.7
Copyright (C) 2002-2008 Jan-Ake Larsson.
There is NO warranty. You may redistribute this software
under the terms of the GNU Lesser General Public License
version 3, see the COPYING file in the dvipng distribution
or <http://www.gnu.org/licenses/>.

c:\somewhere>gswin32c --version
8.70

c:\somewhere>type testLaTeX.py
from matplotlib import rc
from numpy import arange, cos, pi
from pylab import figure, axes, plot, xlabel, ylabel, title, grid, savefig, show
rc('text', usetex=True)
figure(1)
ax = axes([0.1, 0.1, 0.8, 0.7])
t = arange(0.0, 1.0+0.01, 0.01)
s = cos(2*2*pi*t)+2
plot(t, s)
xlabel(r'\textbf{time (s)}')
ylabel(r'\textit{voltage (mV)}',fontsize=16)
title(r"\TeX\ is Number
$\displaystyle\sum_{n=1}^\infty\frac{-e^{i\pi}}{2^n}$!", fontsize=16,
color=
'r')
grid(True)
savefig('tex_demo')
show()

c:\somewhere>python testLaTeX.py --verbose-helpful
$HOME=C:\Users\someUser
CONFIGDIR=C:\Users\someUser\.matplotlib
matplotlib data path c:\opensource\python\lib\site-packages\matplotlib\mpl-data
loaded rc file c:\opensource\python\lib\site-packages\matplotlib\mpl-data\matplotlibrc
matplotlib version 0.99.1
verbose.level helpful
interactive is False
units is False
platform is win32
font search path
['c:\\opensource\\python\\lib\\site-packages\\matplotlib\\mpl-data\\fonts\\ttf',
'c
:\\opensource\\python\\lib\\site-packages\\matplotlib\\mpl-data\\fonts\\afm']
generated new fontManager
backend TkAgg version 8.5
findfont: Matching
:family=sans-serif:style=normal:variant=normal:weight=normal:stretch=normal:size=
medium to Bitstream Vera Sans
(c:\opensource\python\lib\site-packages\matplotlib\mpl-data\fonts\ttf\
Vera.ttf) with score of 0.000000

(Here it hangs up AFAIK doing nothing, at least python is not using
CPU resources)

The --verbose-debug flag only shows the modules loaded in addition to
the latter output, but at the point of hangup no additionally
information is provided.

I am very thankful for any hint in which direction to look,
Best regards,
Marco