In ConTeXt MkIV, the active ampersand does not get assigned the correct value in a "matrix of math nodes." In the example below, the first "\show &" shows the value of \pgfmatrixnextcell as expected, while in the second case the contents of & is "&"
\usemodule[tikz]
\usetikzlibrary[matrix]
\starttext
\starttikzpicture
\matrix[matrix of nodes]{\show &\\};
\matrix[matrix of math nodes]{\show &\\};
\stoptikzpicture
\stoptext
Hmm, works for me with current CVS and
"maus-2:test tantau$ texexec --version
TeXExec | version 6.2.1 - 1997-2009 - PRAGMA ADE/POD"
and
"This is pdfTeX, Version 3.1415926-2.4-1.40.13 (TeX Live 2012)"
The issue happens with Context mkIV, not mkII. Please try processing the provided MWE with the "context" command instead of "texexec".
It is a catcode issue somewhere.