A client of my client recently had me make their site Search Engine friendly. Was quite an interesting project. I had never really looked into SEO, and SES stuff before. Gave me a chance to get a little insight into how the search engines work in relation to dynamic sites.
We used <cf_fake_url> to accomplish the ses conversion. It actually made the transition quite easy. A few pages required some tweaking with how they pass variables but otherwise it was a simple matter of changing all <A href> tags to use page.cfm/var/value/var/value. Worked rather well I must say.