So after some searching I haven't found much for using Matlab with mavlink. There is an active project using simulink but that isn't a whole lot of use to me. So I have started working on writing a matlab project that can receive and display mavlink data.
The way the current project works is it reads the mavlink common.xml definitions file and automatically creates a set of global variables and a parser script that can be used to process a binary mavlink stream. Currently it has an issue where it does not interpret the mav_state and mav_mode values correctly, probably due to the masking involved.
The project link is here: https://bitbucket.org/davidgitz/mavlink_matlab If anyone would like to contribute let me know! This is all OSHW so feel free to use in your projects.