Thank you to Dan Z. for the following information:

ASPImage is also compatible with Cold Fusion 4.0 or later.To make it work you use the <CFObject> tag and then us a <CFSET> tags to communicate to the ASPImage COM object. 

Here's a simple CF example: 

<!--- Create AspImage Object ---> 
<cfobject type="COM" 
          name="Image" 
          class="AspImage.Image" 
          action="CREATE"> 
  

<!--- Setup Basic Settings ---> 
<cfset Image.FontColor  = 427140> 
<cfset Image.ThreeDColor = 195100092> 
<cfset Image.Italic = True> 
<cfset Image.Bold = True> 
<cfset Image.FontName = "Arial"> 
<cfset Image.FontSize = 32> 
<cfset Image.PadSize = 0> 
<cfset Image.JPEGQuality = RandRange(60,80)> 
  

<!--- Setup Image Size ---> 
<cfset Image.MaxX =370><!-- Width --> 
<cfset  Image.MaxY = 130> <!-- Height --> 

<!--- Setup text  ---> 

<cfparam name="Line1" default="Line One">          <!--- First Line ---> 
<cfparam name="Line2" default="Line two">         <!--- Second Line ---> 

<!--- Setup Path to Image ---> 
<cfset Fn ="E:\web\beta\BlankBanner.jpg">         <!--- Path to blank Banner ---> 
  

<!--- Add The Image---> 
<cfset Image.AddImage(Fn,0,0)>      <!--- This differs from VB /ASP code it follows the Object.Method(Args)---> 
  

!-- Center Twoline of text over banner --> 
 <cfset  TextXPos = Image.MaxX - (Image.TextWidth(Line1)+10)> 
 <cfset  TextXPos = TextXPos/2> 
 <cfset  Text2XPos = Image.MaxX - (Image.TextWidth(Line2)+10)> 
 <cfset  Text2XPos = Text2XPos/2> 
 <cfset  TextYPos = Image.TextHeight(Line1)/3> 
  <cfset  Text2YPos = Image.TextHeight(Line2)/3> 

<!--- Output the text---> 
<cfset Image.TextOut(Line1,TextXPos,TextYPos-25,1)> 
<cfset Image.TextOut(Line2,Text2XPos,Text2YPos+25,1)> 

<cfset Image.FileName = "E:\web\beta\banner.jpg"> 
<cfset Image.SaveImage()> 

<!--- Display The Image---> 

 <IMG id="Banner" HEIGHT="130" WIDTH="350" SRC="http://localhost/beta/banner.jpg" BORDER="0" ALT="<cfoutput> #Line1# #Line2#</cfoutput>"> 
  

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Overcoming Caching Problems: 
I found the most reliable workaround is to use a random number range for the value of the 
Image.JPEGQuality.  This randomly changes the actual file size, thus the browser thinks it's a new image each time. 
Example: 

<CFSET Image.JPEGQuality = RandRange(60,100)>