auto-pst-pdf can handle
psfrag in addition to
.eps files when run with pdflatex. It is however slow since in each run it processes all files, even those that have been processes before and have not changed since since last process.
pstool is faster since is avoids reprocessing, however it cannot handle
pstricks code. I was wondering if any attempt has been put to merge the packages (or simply prevent
auto-pst-pdf from reprocessing)?