Web Equation by Vision Objects is a good math handwriting recognition tool. I have discovered it recently via Stumbleupon. From experience, I think it is slightly better than Windows 7′s Math Input Panel in terms of handwriting recognition.
The page is very intuitive to use. Just use the mouse or a pen to write the mathematical expression on the “yellow zone.” The mathematical expression is recognized and the result is displayed at the bottom of the page.
Mathematical expressions and equations created in Web Equations can be solved with Wolfram Alpha. Just click the Compute with Wolfram Alpha button. In addition, the Latex and Math ML codes are also generated as you write.