EPS2PDF converts an existing EPS file to a PDF file using Ghostscript. EPS2PDF reads an eps file, modifies the bounding box and creates a pdf file whose size is determined by the bounding box and not by the paper size. This can not be
accomplished by using Ghostscript only. So, all that one needs is of course MATLAB and Ghostscript drivers.
This tool is especially suited for LaTeX (TeX) users who want to create pdf documents on the fly (by including pdf graphics and using either pdftex or pdflatex). An example would be, if you are using LaTeX (TeX) to typeset documents then the usual (simple) way to include graphics is to include eps graphics using for example (if there exists myfigure.eps)
To use pdflatex (pdftex) you do not need to change anything but provide another file myfigure.pdf in the same directory along with myfigure.eps. And this file, of course, can be generated by EPS2PDF.