[pdftex] psfrag like functionality in pdflatex?

[Peter Schröder]

Folks,

you must have figured out by now that I am in the throes of switching
from good old latex to pdflatex and this dog is trying to learn new
tricks while I am at it... :)

I am looking for something that has functionality similar to psfrag but
which works with pdflatex. I did a search on ctan but couldn't find
anything immediately that seemed to fit the bill. Any suggestions?

peter