Will this be useful?
\begin{figure}
\centering
\def\svgwidth{\columnwidth}
\resizebox{0.75\textwidth}{!}{\input{illustration.pdf_tex}}
\caption{Example}
\label{fig:illustration}
\end{figure}
Using \begin{center} gives extra vertical space. It is advisable to use \centering
May be this article is useful.
Edit-1:
From Inkscape you can export your diagram as tikz code. you have to install inkscape2tikz extension from here. Once installed, figures can be exported as tikz code (Extensions->Export->Export to TikZ path). Say you save the exported file as figure.tex. Now, in your latex main file you have to include this:
\begin{figure}[!htb]
\centering
\resizebox{0.75\textwidth}{!}{\input{figure.tex}}
\caption{Caption of the figure} \label{fig:myfigure}
\end{figure}
You have to put figure.tex and your main latex file in the same folder or full path to figure.tex has to be specified like \input{C:/figure-files/figure.tex}. I always go by this method.
There is another way where you can export the figure as .pdf file (not as .pdf_tex) (file->save as->figure.pdf). Then you can include it like:
\begin{figure}[!h]
\centering
\includegraphics[width=0.75\textwidth,height=0.5\textheight]{figure.pdf}
\caption{Caption of the figure}
\label{fig:myfigure}
\end{figure}
But here if you change the font of the document, fonts in figure won't match properly. Also it is better to keep the aspect ratio. This is done by mentioning only width or height of the figure.
illustration.pdf_texa PDF file or a TeX source document? If it's a PDF, you should be able to include it using\includegraphicsif you correct the suffix to.pdf. – Jake Mar 1 '12 at 5:22