The big news in the CFML community this week is that Railo has been forked as Lucee, backed by the Lucee Association Switzerland. I'd encourage anyone who supports open-source CFML to become a supporter and help drive the project forward.
Migrating from Railo to Lucee is quite easy without going through a full re-install if you don't have any dependencies on Railo extensions (support for some extensions will come soon). I did a quick test locally to ensure my upgrade would be successful, following the Migrate from Railo instructions on the Lucee Wiki. As always, test first, don't just roll the dice on a production server ;)
That said, for my particular instance running on Digital Ocean the upgrade came down to 4 commands;
$ wget https://bitbucket.org/lucee/lucee/downloads/lucee-4.5.0.042-jars.zip
$ unzip -o lucee-4.5.0.042-jars.zip -d /opt/railo/lib
$ rm /opt/railo/lib/railo.jar
$ service railo_ctl restart
30 seconds later I was up and running on Lucee 4.5!