Unfortunately, the tightpage option of the preview LaTeX package crops the page only vertically but doesn't crop horizontally. Even the -T tight option of dvipng doesn't help. dvipng prints the following warning: preview-latex tightpage option detected, will use its bounding box.
If you want to tightly crop the page horizontally you should use the standalone LaTeX package instead of the preview package:
\documentclass[class=minimal,preview,varwidth,border=5pt]{standalone}
\usepackage{amsmath}
\begin{document}
[ x = 3 + y^2 ]
\end{document}
The standalone package removes the left and the right space around LaTeX formula:

If the LaTeX equation is too long and doesn't fit the page you can increase the width of the page:
\documentclass[class=minimal,preview,varwidth=1000pt,border=5pt]{standalone}
But it is only applicable to PDF documents. The width of PNG images is always unlimited.
aligned,gathered, andalignedatas alternatives; I don't think there's an analogue forsplithowever. – Rufflewind Sep 08 '15 at 00:17