I keep on studying the use of nested tikzpicture environments (sorry) and I discover the next problem. I'm not sure but it sounds like a problem with "fragile" commands. Perhaps, the problem is the nested environments but I do not think so because the code works in many cases.
It's very strange, that $\mathbf{\Pi}$ gives no problem while \textbf{textbf} is catastrophic !.
In the next code, I use the macro \place to put an object ( some tex's code) with the help of a node. I simplify a little bit the chain of macros but I keep the essential things.
Code I work with pgf 2.1 CVS
Uncomment the line
\documentclass{scrartcl}
\usepackage{amsmath,tikz}
\makeatletter
\def\place{\pgfutil@ifnextchar[{\place@i}{\place@i[]}}%
\def\place@i[#1]#2(#3)#{\place@ii[#1]{#2}(#3)}%
\def\place@ii[#1]#2(#3)#4{%
\begin{tikzpicture}[overlay]
\path (0,0)--(#3);
\node[anchor=#1,rotate=#2] at (#3) {#4};
\end{tikzpicture}%
}%
\begin{document}
Baseline%
\begin{tikzpicture}
\draw[help lines] (0,-4) grid (5,1);
\place[west]{0}(1,-2){$ \frac{2}{3}$}
\place[west]{-30}(2,-3){$\mathbf{\Pi}$}
\end{tikzpicture}%
% uncomment the next line with \place to see the problem
\begin{tikzpicture}
%\place[west]{0}(4,0){\textbf{textbf}}
\end{tikzpicture}
% \noexpand resolves the problem
\begin{tikzpicture}
\place[west]{0}(2,0){\noexpand\textbf{textbf}}
\end{tikzpicture}
\end{document}
Results

but if I don't use \noexpand:

What kind of problem I encountered?