Here is what I use.
<cfif #form.aFile# NEQ "">
<!-- first load the photo on the server so CFX can process it -->
<cffile action="upload" filefield="aFile" destination="D:\inetpub\mysite\photos\"
ACCEPT="image/jpg, image/pjpeg, image/gif" nameconflict="MAKEUNIQUE">
<cfset file1 = #file.serverfile#>
<!-- must read the image info to see later if it is too big -->
<CFX_IMAGE name="small" ACTION="READ" FILE="D:\inetpub\mysite\photos\#file1#">
<!-- Is the photo is not a gif or pjpeg - convert it, i do this for the Flash viewer -->
<cfif #IMG_TYPE# EQ "GIF">
<cfset file1Trunc=REReplace(file1,".gif","","ONE")>
<CFX_IMAGE ACTION="CONVERT" FILE="D:\inetpub\mysite\photos\#file1#"
OUTPUT="D:\inetpub\mysite\photos\#file1Trunc#.jpg" QUALITY="100">
<CFFILE ACTION="DELETE" FILE="D:\inetpub\mysite\photos\#file1#">
<cfset file1= "#file1Trunc#.jpg" >
</CFIF>
<!-- Is the photo too big, if so resize it down -->
<CFIF #IMG_HEIGHT# GT 261>
<CFX_Image ACTION="RESIZE" FILE="D:\inetpub\mysite\photos\#file1#"
OUTPUT="D:\inetpub\mysite\photos\#file1#" QUALITY="75" Y="260">
</CFIF>
<!-- Finally insert the photo into the DB tables -->
<CFQUERY datasource="dns" >
Insert ...
</CFQUERY>
</cfif>