A minimal example:
----------- cut ---------------
\setupbodyfont[palatino,12pt]
\starttext
\startformula
\underbrace{x}_{1}
\stopformula
\stoptext
----------- cut ---------------
It works fine with 2013.05.28 00:36 MKIV current.
With 2013.12.26 12:50 MKIV beta, the underbrace disappears. With a
bigger target (e.g. "xyz" instead of "x") or with the default font, the
underbrace returns.
--
-Sanjoy
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