Inkscape is preferable to rsvg (a) on Windows (it comes as a standalone package) or (b) if you have important SVGs drawn in Inkscape that do not render correctly in rsvg. Since it will be running as user directories in the corresponding home directory, and will fail silently, crash or hang indefinitely if it is not able to. Inkscape also does an accurate job of SVGs, half the speed of rsvg, but was designed for interactive graphical use however, it comes with inkview which is a viewer/converter program – it requires a writable home directory for the user it's run as.Requires a lot of work to get running, if not included in your distribution. Batik relies on Java, and is much slower than rsvg, though this may not be a huge issue unless you're constantly adding SVG files. Its SVG parsing is more strict, causing it to reject "almost valid" SVG files that other renderers accept (e.g. Batik is the most accurate SVG renderer available, although its anti-aliasing is sometimes suboptimal.
To automatically install all these libraries, you may want to use a package manager. It depends on a large number of libraries. librsvg is fast but not very accurate.
If the converter program is not in the system path, you have to specify the directory that contains the program using $wgSVGConverterPath. For example: $wgSVGConverter = 'ImageMagick'