Before I point that out, let me clarify that Atlas has also been renamed recently and is now named in ways that recognize the different parts. The client portion is now called the Microsoft Ajax Library.
There's a demo zip showing CF/Atlas integration available at the blog of the MS Developer who presented it at CFunited, Brad Adams. As discussed in the blog and comments, just unzip the file into your web server root. Assuming you leave it named AtlasCF, you need not change the code--except for one thing.
If you have CF Debugging turned on, the app will fail to work (without any message). Of course, the debugging will cause his CFM page (called from the Atlas client) to send the big load of HTML debugging info at the bottom of its output--and his Atlas client obviously won't be expecting that.
The simple solution is to drop:
into the application.cfm.
Sadly, he's got comments turned off so I can't offer this there, though I have emailed him and hope he may update the blog entry.
Perhaps others out there are also doing CF/Atlas integration. If so, drop some comments here for others who may be interested to hear.