After upgrading QTP to UFT 11.5, the object spy is identifying objects off the line. For eg: when try to spy on a text box, if I point the spy on the text box it doesn't identify it. I have to point it out of the text box towards the right. This was perfectly fine before the upgrade.
Re: UFT 11.5 not spying the objects properly on IE
I was having a similar problem. I found a fix. IE has a Zoom level. Right Click on the GEAR (top-right corner), click on/check/enable Status Bar. Now @ the bottom-right corner of the browser window you will see the Zoom level. Change it to 100%. It worked for me.