Sometimes when I try to run load tests, I'll saturate my network adapter or disk before hitting the actual limit of the server. This all depends on the tool you're using, how much data is returned from each request, and the network latencies.
Start by seeing of the network adapter is saturated on your server or the computer where you're running the tests from. Also note, load testing software can eat a lot of CPU if you're running the tool on the server itself.
If CPU and network usage are low, but you think there should be higher throughput, grab some stack traces of the entire JVM to see what the running threads are doing. It might be something like a query on the page that's slowing it down. And finally, check your thread queue settings for your servlet container (Jrun I assume) and ColdFusion. Depending on how many concurrent threads your load testing tool is using, you may be creating more threads on CF than it's configured to allow and getting requests queued.