It looks like neither CoolReader nor fbreader can handle SVG in epubs, but AdobeViewer can! There is an epub file with SVG equations and a figure available at: http://www.hindawi.com/journals/jece/2008/421650/
(click on the "Full-Text ePUB" link near the upper right). It displays beautifully in AdobeViewer. The problem is that the actual code for the formulae in the XHTML file looks fiendishly complicated. Still, there is hope that it can be done.