May I suggest the LaPrint script for Matlab:
http://www.mathworks.com/matlabcentr...bjectType=file
It converts your Matlab plot to an eps-file with all the numbers and text replaced by psfrags elements, and a tex-file which contains all the actual data.
That means that this will be passed through your latex compiler, and you will get the same font and size as in the rest of your document. That way you get a very consistent looking article. You can also edit the labels and ticks after you've saved the plot. I've used it for several of my publications. Nowadays I mostly use Tecplot for my plotting, since it's more flexible. However, I still use "tricks" to get labels and such passed through the latex compiler.
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