Here are a few more keys. I don't fully understand their effect, but I
found them in strc-flt.mkvi (p.s. shouldn't that be .mkiv ?).
In the final "grid" examples, I extended the figure height to 4.5cm, to
show the effect of the grid, which seems to be that the bottom of the
figure aligns with a baseline. The top can then protrude, if the height
is not a multiple of the line height. But, if the figure heights are
right, it would look good in combination with
\setupfloats[sidespaceafter=0pt].
-Sanjoy
\starttext
\hrule
\placefigure[right]{Caption}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\vskip1cm
\hrule
\placefigure[right,fit]{Fit}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\page
\hrule
\placefigure[right,depth]{Depth}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\vskip1cm
\hrule
\placefigure[right,height]{Height}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\page
\hrule
\placefigure[right,halfline]{Halfline}{\framed[width=5cm,height=4.3cm]{}}
\input knuth
\vskip1cm
\hrule
\placefigure[right,grid]{Grid}{\framed[width=5cm,height=4.5cm]{}}
\input knuth
\page
\hrule
\setupfloats[sidespaceafter=0pt]
\placefigure[right,grid,high,none,nonumber]{Grid+high}{\framed[width=5cm,height=4.5cm]{}}
The {\bf grid+high figure} \input tufte \input knuth
\stoptext
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