Is there a text editor with support for the following (somewhat special) syntax highlightning. I want to be able to set a different background color for math mode and for normal mode. (I realize this may be tricky, as one would have to consider "nesting". However, an approximation would be fine.)
I've noticed that a lot of TeX-people swear by Emacs/AUCTeX. Could it be set up to produce the kind of syntax highlightning I want? If so, how?