I think the issue is that you're passing in the innerHTML content of the corresponding div as the qtip content, which effectively means you're duplicating HTML and loosing all viewmodel bindings.
Here's the problem line:
content = $("#" + this.id + "_content").html();
For this to work, the content of the qtip needs to be exactly the same element nodes as the nodes you've bound the viewmodel to.
I haven't looked into the content options qtip accepts, but have you tried:
content = $("#" + this.id + "_content")[0];
[UPDATE] - I've found this thread where the author comments on this. So it looks like you won't be able to use the same element nodes for the content of the qtip for version 1, but you can do this for qtip version 2.