tagcloud macro not displaying tags from terminal pages when placed in nested page aka space

I'm currently running on 7.3 Milestone 2.

I've created some hierarchy of nested pages.

And at the "node" levels (aka spaces) I have used "dashboard" template and on the lists (terminal pages) I have normal page with content and tags.

The dashboard template shows correctly document hierarchy from that level but tags cloud isn't showing anything.

It seems it doesn't respect the new concept of nested pages.