So i have a meshgrid (matrices X and Y) together with scalar data (matrix Z), and i need to visualize this. Preferably some 2D image with colors at the points showing the value
If your meshgrid has uniform spacing, you could continue to use pcolor, but just shift X and Y for the purposes of centering the data at the particular values rather than at the corners.
You could also use a scatter plot to explicitly place points of some size at the exact X and Y points and then set the color to Z:
x = numpy.arange(10)
y = numpy.arange(10)
X,Y = numpy.meshgrid(x,y)
Z = numpy.arange(100).reshape((10,10))
scatter(X,Y,c=Z,marker='s',s=1500) 
#I picked a marker size that basically overlapped the symbols at the edges
axis('equal')
or:
pcolor(X+0.5,Y+0.5,Z)
axis('equal')
or as Paul suggested, using one of the contour functions