The following does not work as it should:

setupexternalfigures[location={local,default}]

\starttext
text%
\footnote{\hangsidefloat[2]
\placefigure[right,none]{}
{\externalfigure[cow][width=.1\textwidth]}
\dorecurse{3}{\input ward}}

%for comparison
\hangsidefloat[2]
\placefigure[right,none]{}
{\externalfigure[cow][width=.1\textwidth]}
\dorecurse{3}{\input ward}%
 \stoptext

The text and image in the main body are as they should be.

But note that the first line of the footnote is blank and that, while the
image is placed as it should be, the text runs through it.

I am running ConTeXt  ver: 2014.02.14 17:07 MKIV beta.

Alan