Hans,
The following minimum file does not paginate correctly. It overflows 
the second page. Removing the figure or the second level of itemization 
fixes the pagination. I have enclosed the text of the file and the file 
itself for ease of reproduction.

I am using the latest stable version from i-installer. I actually think 
I have had this problem before but not tracked it down.

TIA
--
Nigel


\starttext
\placefigure
   [here]
   [fig:a]
   {big figure}
  {\externalfigure[koe][width=\textwidth,height=\textwidth]}

\startitemize[packed,n]
\dorecurse{10} {\item repeated}
\startitemize[packed,a,columns]
\dorecurse{10} {\item repeated indent}
\stopitemize

\stopitemize
\dorecurse{7}{\input zapf \par\relax}

\stoptext