I use "high" in combination with zero spacing afterwards, in order to
tighten the text flowing around the figure. Compare the two variants
below. (I confess to not knowing the difference between
"sidespaceafter" and "spaceafter," but both seem to have the same
effect.)
\starttext
{\setupfloats[sidespaceafter=0pt]
\hrule
\placefigure[right,high]{Caption}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
}
\vskip1cm
\hrule
\placefigure[right,high]{Caption}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\stoptext
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