Bug #246, concerning the ampersand catcode in ConTeXt MKIV is not solved. Try compiling the following with the command context:
\usemodule[tikz]
\usetikzlibrary[matrix]
\starttext
\starttikzpicture
\node[matrix of nodes]{A&B\\C&D\\};
\stoptikzpicture
\starttikzpicture
\node[matrix of math nodes]{A&B\\C&D\\};
\stoptikzpicture
\stoptext
You will notice that the matrix of nodes works fine, but the matrix of math nodes gives an error.
The reason we get an error is that, when entering math mode, & is made active and assinged a macro containg an & with catcode 4. To see this, you can do a \showthe\everymathematics: you will see \let &\normalmathaligntab somewhere in there. This overwrites tikz's definition of & as \pgfmatrixnextcell.
It looks like ConTeXt tabulars use the commands \NC and \NR instead of & and \\ for next column/next row, so it might make sense to make these comands shorthands for \pgfmatrixnextcell and \pgfmatrixendrow (cf. http://wiki.contextgarden.net/Table)
Use
ampersand replacement.Mark as wont-fix.
Diff: