Sun 23 Jun 2013 11:14:05 AM UTC, original submission:
The frontend doesn't initialize the "tightinset" correctly.
Running the script above, produces the result below.
The tight inset should be set equal to the difference between the axes bounding box (including the title, {x,y,z}labels and {x,y,z}ticklabels) and the axes "position" (which is just the bounding box for the axes' plot area). See the link below for more information.
http://www.mathworks.com/help/matlab/creating_plots/automatic-axes-resize.html
The "looseinset" is an undocumented Matlab property. There is some info on it from non-mathworks sources.
http://undocumentedmatlab.com/blog/axes-looseinset-property/
(Note: This bug/feature prevents legend() from consistently rendering a proper result)
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