Controllable tight subplot

Allows fully utilizing the figure surface by defining margins, by wrapping the existing subplot function. Unfortunately the original subplots function spends lavishly the figure area , without allowing the user to control it in a convenient manner. In addition to subplot functionality (fully supported) the user can define margins, which result in larger axis presented in the figure. Default margins are 1% of figure area.
Thanks goes to a colleague- Adi N., who both urged me to write this function down, and assisted in writing it.
Hope you will find this one useful.
Update:
Some subplot functionality s now supported. However, I must mention this looks quiet buggy to me. Check this out:
figure;
subplot(1,2,1);
plot(rand(1,20));
subplot(1,2,1,'Position',[0.1,0.1,0.3,0.3]); % 'Position' is ignored!!!