For the /\framed/ command, any value for the key /align /other than a 
null value pushes the frame beyond the bottom margin on a landscape page 
for many values of /orientation/. The following MWE demonstrates this:

    \setuppapersize [A4,landscape]
    \starttext
       \framed[orientation=90,align=no]{\externalfigure[dummy]}
    \stoptext

It also seems that the default value of /align/// is not /no/ as the 
wiki suggests, since there is a very different result when no align key 
is provided and when it is provided as above with /no/, if by a default 
value one means that, when a given key is not explicitly provided, 
processing will occur as if it had been provided with that particular value.
-- 
Rik Kabel