  Abridged) We model the X-ray properties of millisecond pulsars (MSPs) by
considering hot spot emission from a weakly magnetized rotating neutron star
(NS) covered by an optically-thick hydrogen atmosphere. We investigate the
limitations of using the thermal X-ray pulse profiles of MSPs to constrain the
mass-to-radius ($M/R$) ratio of the underlying NS. The accuracy is strongly
dependent on the viewing angle and magnetic inclination. For certain systems,
the accuracy is ultimately limited only by photon statistics implying that
future X-ray observatories could, in principle, achieve constraints on $M/R$
and hence the NS equation of state to better than $\sim$5%. We demonstrate that
valuable information regarding the basic properties of the NS can be extracted
even from X-ray data of fairly limited photon statistics through modeling of
archival spectroscopic and timing observations of the nearby isolated PSRs
J0030+0451 and J2124--3358. The X-ray emission from these pulsars is consistent
with the presence of a hydrogen atmosphere and a dipolar magnetic field
configuration, in agreement with previous findings for PSR J0437--4715. For
both MSPs, the favorable geometry allows us to place interesting limits on the
allowed $M/R$ of NSs. Assuming 1.4 M$_{\odot}$, the stellar radius is
constrained to be $R > 9.4$ km and $R > 7.8$ km (68% confidence) for PSRs
J0030+0451 and J2124--3358, respectively. We explore the prospects of using
future observatories such as \textit{Constellation-X} and \textit{XEUS} to
conduct blind X-ray timing searches for MSPs not detectable at radio
wavelengths due to unfavorable viewing geometry. Using the observational
constraints on the pulsar obliquities we are also able to place strong
constraints on the magnetic field evolution model proposed by Ruderman.
