I'm running in a bizar problem with \spy: it does not spy there where I specify. To illustrate the problem, here is my simple code:
\documentclass[border=1cm]{standalone}
\usepackage{tikz}
\usetikzlibrary{spy}
\listfiles % not relevant, just shows my setup
\begin{document}
\begin{tikzpicture}[%
spy using outlines={circle, magnification=1, size=1cm, connect spies}]
\fill [gray] (0,0) rectangle (2,3);
\spy on (1,1.5) in node at (-2,1);
\end{tikzpicture}
\end{document}
I run xelatex spy.tex on my MacOS (Snow Leopard)
This is XeTeX, Version 3.1415926-2.3-0.9997.5 (TeX Live 2011)
restricted \write18 enabled.
entering extended mode
(./spy.tex
LaTeX2e <2009/09/24>
[..]
Preview: Fontsize 10pt
Preview: PDFoutput 1
ABD: EveryShipout initializing macros
Preview: Tightpage -1864679 -1864679 1864679 1864679
[1] (./spy.aux)
*File List*
standalone.cls 2011/04/07 v0.4a Class to compile TeX sub-files standalone
kvoptions.sty 2010/12/23 v3.10 Keyval support for LaTeX options (HO)
keyval.sty 1999/03/16 v1.13 key=value parser (DPC)
ltxcmds.sty 2011/04/18 v1.20 LaTeX kernel commands for general use (HO)
kvsetkeys.sty 2011/04/07 v1.13 Key value parser (HO)
infwarerr.sty 2010/04/08 v1.3 Providing info/warning/message (HO)
etexcmds.sty 2011/02/16 v1.5 Prefix for e-TeX command names (HO)
ifluatex.sty 2010/03/01 v1.3 Provides the ifluatex switch (HO)
article.cls 2007/10/19 v1.4h Standard LaTeX document class
size10.clo 2007/10/19 v1.4h Standard LaTeX file (size option)
standalone.cfg 2011/04/07 v0.4a Default configuration file for 'standalone'
class
preview.sty 2010/02/14 11.86 (AUCTeX/preview-latex)
prtightpage.def
tikz.sty 2010/10/13 v2.10 (rcs-revision 1.76)
pgf.sty 2008/01/15 v2.10 (rcs-revision 1.12)
pgfrcs.sty 2010/10/25 v2.10 (rcs-revision 1.24)
everyshi.sty 2001/05/15 v3.00 EveryShipout Package (MS)
pgfrcs.code.tex
pgfcore.sty 2010/04/11 v2.10 (rcs-revision 1.7)
graphicx.sty 1999/02/16 v1.0f Enhanced LaTeX Graphics (DPC,SPQR)
graphics.sty 2009/02/05 v1.0o Standard LaTeX Graphics (DPC,SPQR)
trig.sty 1999/03/16 v1.09 sin cos tan (DPC)
graphics.cfg 2010/04/23 v1.9 graphics configuration of TeX Live
xetex.def 2009/11/22 v0.94 LaTeX color/graphics driver for XeTeX (RRM/JK)
pgfsys.sty 2010/06/30 v2.10 (rcs-revision 1.37)
pgfsys.code.tex
pgfsyssoftpath.code.tex 2008/07/18 (rcs-revision 1.7)
pgfsysprotocol.code.tex 2006/10/16 (rcs-revision 1.4)
xcolor.sty 2007/01/21 v2.11 LaTeX color extensions (UK)
color.cfg 2007/01/18 v1.5 color configuration of teTeX/TeXLive
pgfcore.code.tex
pgfcomp-version-0-65.sty 2007/07/03 v2.10 (rcs-revision 1.7)
pgfcomp-version-1-18.sty 2007/07/23 v2.10 (rcs-revision 1.1)
pgffor.sty 2010/03/23 v2.10 (rcs-revision 1.18)
pgfkeys.sty
pgfkeys.code.tex
pgffor.code.tex
tikz.code.tex
***********
[..]
and eventually I'm getting image

I noticed that there is something wrong with the "border", cause I can "move" the spying location by setting a different border. A border of "2.1cm" for example renders into image

!in front of it to turn it into a link. A moderator or another user with edit privileges can then reinsert the!to turn it into an image again. – Tobi Jun 15 '12 at 17:08pdflatexfor me, but usingxelatexI get the same behaviour as described by the OP. – Jake Jun 15 '12 at 17:12articlein place ofstandalone, I get an empty left circle. – egreg Jul 12 '12 at 13:25