I've experienced this error after upgrading MySQL from 4 to 5
I've put together this small article on how to temporarily fix it until a hot fix is released from Adobe:
I hope it helps
Thank you for the response Steve. I wasn't able to tweak those settings (being on a shared host), but after I contacted my shared host, they moved my site to a CF9 server and since then I have stopped seeing that issue. I guess it's only a bug in CF8.