You cannot change a default - you will need to first drop it, and then recreate it.
In order to drop it, you need to know its name, and then use
ALTER TABLE dbo.Product
DROP CONSTRAINT yourOldDefaultConstraint
Once you've done that, you can add a new default constraint, and in order to apply it to existing rows, use the "WITH VALUES" part:
ALTER TABLE dbo.Product
ADD CONSTRAINT NewDefaultConstraintName
DEFAULT GetDate() FOR CreateTime WITH VALUES
Oops - sorry, the "WITH VALUES" only seems to work if you create a DEFAULT constraint at the time you create the table, or if you add the column - it doesn't seem to get applied to an existing column.
In this case you would just have to follow your ALTER TABLE statement with something like this:
UPDATE dbo.T_Product
SET CreateTime = GETDATE()
WHERE CreateTime IS NULL
That should do the trick, too!
Marc