Scribus (a free/open source page layout application) is definitely
worth a look. There is a google summer of coder on a project to add
math support:
http://wiki.scribus.net/index.php/Add_Math_Support
And it can already import EPS. It is much easier to treat LaTeXed
text as vector graphics in Scribus than in PowerPoint.
--Rick
The equations editor of OpenOffice is quite good.
pere
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