CF has isNull()
since CF9, e.g.:
<cffunction name="getUser">
<cfargument name="userID">
<cfquery name="qUser">
SELECT * FROM users where userID = <cfqueryparam value="#userID#">
</cfquery>
<cfif qUser.recordCount>
<cfreturn {name=qUser.name}>
</cfif>
</cffunction>
<cfset var user = getUser(1)>
<cfif isNull(user)>
<!-- user not found -->
<cfelse>
Welcome #user.name#
</cfif>