TheTime = 12:22:40 AM

TimeFormat(TheTime, 'h:m:s'): 12:22:40
TimeFormat(TheTime, 'h:m:s t'): 12:22:40 A
TimeFormat(TheTime, 'hh:mm:ss'): 12:22:40
TimeFormat(TheTime, 'hh:mm:ss tt'): 12:22:40 AM
TimeFormat(TheTime, 'H:M:ss'): 0:22:40
TimeFormat(TheTime, 'HH:MM:ss'): 00:22:40

And these formats are new in ColdFusion MX:
short: 12:22 AM
medium: 12:22:40 AM
long: 12:22:40 AM GMT-07:00
full: 12:22:40 AM GMT-07:00