Here is the output:
kpsewhich --expand-var='$TEXMF'
{/home/ben/.texlive2008/texmf-config,/home/ben/.texlive2008/texmf-var,/home/ben/texmf,!!/usr/local/texlive/2008/texmf-config,!!/usr/local/texlive/2008/texmf-var,!!/usr/local/texlive/2008/texmf,!!/usr/local/texlive/2008/../texmf-local,!!/usr/local/texlive/2008/texmf-dist}
and
kpsewhere context.tex
/usr/local/texlive/2008/../texmf-local/tex/context/base/context.tex
/usr/local/texlive/2008/texmf-dist/tex/context/base/context.tex
but it seems that it's just OK.
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