Wow, there is really a lot of misleading or plain wrong information here in the comments about ColdFusion. I know next to nothing about PHP, so I'm not going to comment on any of it. I've been using ColdFusion for about 12 years and I think I can shed some light on it for you.
First, ColdFusion is not dead or dying and never has been. Allaire certainly kept it rolling since it was their flagship product, Macromedia constantly had it under development, and Adobe is about to release version 9 with 10 and 11 already in the pipeline, although 11 is little better than a somewhat credible rumor at this point.
The absolute best thing about ColdFusion is that it lets you develop the way you want. If you're just doing a simple brochure website and you need a little dynamic spice added to a few pages, you can just put them in there. No need to build out an entire application scaffolding when all you need is a pair of functions.
On the other hand, developing very large, object-oriented, framework driven applications is also possible. There are large multi-year projects running with as many as 40 developers at the Social Security Administration, the Food and Drug Administration, The Kennedy Center, the State Department, etc. (I live near DC, if you couldn't tell.) ColdFusion has had object-oriented features since version 6 when it was changed from a stand-alone application written in c++ to a Java library that runs on many J2EE servers.
If you need to manage your team's coding practices, there are many mature/stable frameworks available to help you out. I saw that Fusebox was mentioned earlier, and that is one of the strongest ones for MVC. There are others, though, and even Fusebox is not stuck at version 3 which seems to be the last time most people looked at it. shameless plug warning--> I even do some work on a thing called MXUnit, which is a unit testing framework for CF.
Many if not most CF developers now use Eclipse as their primary coding tool because of all the other Eclipse plugins that platform brings with it. The main FOSS plugin for ColdFusion is called CFEclipse. If you have more of a designer approach to developing, Dreamweaver is for you but you have to pony up the cash for that. Adobe has also shown us some love with a set of line debugging tools for Eclipse as well as connectors to the server that let you inspect your objects remotely as well as manipulate files and databases. Rumor has it that Adobe is thinking about developing an über IDE using Eclipse along the lines of what IBM has done.
If you need to do development on a shoestring, the development version of ColdFusion is free. So are some of the other CFML servers such as the SmithProject, Railo and BlueDragon on J2EE. Shared hosting is very reasonable, although not as widespread as some other technologies. It's best to use somebody that is aware of ColdFusion like HostMySite.com if you are going to go that route. If you're hosting yourself, save the cost of an OS and run it on Linux with MySQL or PostgreSQL.
Use of CFScript gives you a more Javascript-like syntax if you don't care for the tag brackets, although with version 8, all features are not supported in script. You can write wrappers for some of them if you want. Version 9 is supposed to support a Javascript-like syntax for all object coding.
One of the things about ColdFusion often overlooked is that it is probably the best server-side technology for creating the service layer for applications written in Flex. Even the Adobe people fail to mention that very often, probably out of fear that the CF stigma might somehow attach itself to Flex. That's unfortunate becase CF supports the amf protocol out of the box as well as allowing you to pass typed objects between it and Flex/flash.
The developer community for ColdFusion is also alive and well. If fact, many people think that the ColdFusion bloggers were a big reason that Adobe purchased Macromedia. Certainly, social tools tend to wax and wane as people come and go and technologies change. While the ColdFusion forums used to be a big gathering place, it seems like a lot more activity has gravitated to blogs and aggregators. And now, even a little Stack Overflow ;).
Personally, I wouldn't bother with the code/port process. That's just too much unnecessary work for a new project.
Lastly, I don't understand the comments about performance, really. ColdFusion compiles down to Java classes and runs on a J2EE server. It's going to be about as fast as anything else that runs with that sort of architecture with a few exceptions. Each release seems to make significant gains in performance as well. It's possible to bring any server to its knees with unscalable coding procedures, but there is nothing that says you have to code that way.
I guess the real trick is to make sure you get credible information about the platforms in order to make an informed decision. That can be hard to do sometimes in a community driven site since it's easy to spout off (like I'm doing) and hard to post references for everything you say (like I'm not doing).
Good Luck!