Wow, these would be really interesting features to add. It's funny, you're the third xfig convert I've heard of so far this week. :-)
Everyone who knows will convert because xfig is fast but very limited and old fashioned as long as his hardware admits running inkscape..
If you don't know it, yet: Here is a small description:
Create the xfig figure: Start xfig: $xfig -specialtext Add a box by pressing "b" and creating the rectangle while pressing left mouse buttong Add a text (switch to text mode by pressing "t") and insert the text $\frac{1}{\alpha}$ save as test.fig export as test (filter combined PS/LaTeX (both parts) That will create test.pstex (<- ps content) and test.pstex_t (<- LaTeX content containing the by LaTeX typsetted string).
create a LaTeX document:
\documentclass{article} \usepackage{color} \usepackage{graphics} \begin{document} \input{test.pstex_t} \end{document}
and run LaTeX (latex test.tex; xdvi test.dvi) Hopefully you see 1/alpha instead of \frac..
Marc