When I try to do something like the following, everything works fine and dandy; The title graphic (here represented by the LaTeX logo with the reddish background) is shown just fine.
\documentclass{beamer}
\usepackage{pgfpages,tikz}
%\setbeameroption{show notes on second screen=right}
\author{Euclid}
\title{There Is No Largest Prime Number}
\titlegraphic{%
\begin{tikzpicture}[inner sep=0, remember picture, overlay]
\node[anchor=south west, inner sep=0, shift={(5mm,5mm)}]
at (current page.south west)
[fill=red!20,rounded corners, above right]
{\Huge\LaTeX};
\end{tikzpicture}%
}
\begin{document}
\maketitle
\end{document}

If, however, I try to produce output that includes the notes in a separate logical page by enabling the commented line in above code, it seems that the pgf node current page is completely off and the title graphic ends up outside of the logical page. That this is the case can be seen from the small preview
in the top-right corner of the notes page, where the title graphic is far to the south west of the preview.

If I remove the at (current page.south west) stanza, the title graphic ends up inside the frame again, but then positioning it correctly is almost impossible. Anybody got an idea of what is going on and how I can fix this?

\nofilesin the pgf manual, but somehow I didn't connect the dots... – Michael Wild Dec 12 '12 at 09:36