I just noticed this in the Adobe docs for cfqueryparam in ColdFusion 8:
Revised 8/21/2007: Removed limitation on using the cfquery cachedAfter or cachedWithin attributes with cfqueryparam.This limit no longer applies.
This is great news because before (MX7 and below):
You cannot use the cfquery cachedAfter or cachedWithin attributes with cfqueryparam.
I know many people didn’t like this limitation as it meant you needed to go to extra lengths to perform query caching (such as Application scope etc).
This is another reason why CF8 is so good 
Provided you have the updated hotfix:
http://kb.adobe.com/selfservice/viewContent.do?externalId=kb402583&sliceId=2
David Buhler
November 1st, 2007
That link doesn’t seem to mention anything specifically in relation to caching queries using cfqueryparam, just looks like it’s a hotfix for an issue when you’re already caching queries.
This is about a new enhancement, the ability to use these cfquery attributes when using cfqueryparam (which you couldn’t do before).
Unless I’m mistaken and not reading the kb article correctly?
Michael Sharman
November 1st, 2007