In the matrix library file, at texmf/tex/generic/tex/generic/pgf/frontendlayer/tikz/libraries/tikzlibrarymatrix.code.tex (what you get with \usetikzlibrary{matrix}, we can find the definition of matrix of math nodes (in my version, it's on lines 74–81):
% Same as a matrix of nodes, but switch on math mode in each cell
\tikzstyle{matrix of math nodes}=[%
matrix of nodes,
nodes={%
execute at begin node=$,%
execute at end node=$%
}%
]
So you can just use execute at begin node/execute at end node. Interestingly, these keys don't seem to be documented, at least in my version of the manual. If you want a math mode style, then you can write \tikzset{math mode/.style = {execute at begin node=$, execute at end node=$}}; then just including math mode in your options list will do what you want (no need for every node/.style, since the option implicitly affects all nodes).
These options can do more than just math, too; consider the following code:
\documentclass{amsart}
\usepackage{tikz}
\begin{document}
\begin{center}\begin{tikzpicture}
\begin{scope}[execute at begin node=$, execute at end node=$]
\node at (-1.5,-0.375) {\mathfrak{A} \models \varphi_i} ;
\node at (-1.5,-0.875) {0 \in \mathbb{N}} ;
\end{scope}
\begin{scope}[ color = blue
, execute at begin node = $\displaystyle
, execute at end node = $]
\node at (+1.5, 0.00) {\sum_{i=0}^\infty \frac{1}{2^n} = 2} ;
\node at (+1.5,-1.25) {n! = \prod_{i=1}^n i} ;
\end{scope}
\begin{scope}
[ execute at begin node=\textcolor{red}{\textbf{Important notice:} },
, execute at end node={{} --- \textit{The Management}} ]
\node at (0,-2.5) {\TeX{} is very powerful.} ;
\node at (0,-3.0) {Ti\textit{k}Z is a useful graphics language.} ;
\end{scope}
\end{tikzpicture}\end{center}
\end{document}
This produces the following picture:

The option, as we can see, can be used for more than just $...$; it works while specifying other options, or with arbitrary text. (Note that, if specifying arbitrary text, be careful with your leading/trailing spaces; it can be tough to get them to appear.) It doesn't work with \[...\] (probably because that enters vmode), but $\displaystyle...$ works fine.
Edit: As Ryan points out, it's worth clarifying that the TeX which is an argument to font is inserted before the TeX which is an argument to execute at begin node, which is relevant in that using the above style to get math nodes, font=\scriptstyle doesn't work, since it goes outside the $...$. (You need execute at begin node=$\scriptstyle, execute at end node=$.)
matrix of math nodes). Just because it's easy to answer, doesn't mean it's bad. – Antal Spector-Zabusky Nov 17 '10 at 00:25font = \scriptstylestill doesn't work (complains about missing $). You can writeexecute at begin node = \scriptstyle, of course, but it lacks that certain something. – Ryan Reich Nov 17 '10 at 10:21