Today Adobe released a patch to fix the broken update mechanism for CFBuilder 3. You can get the patch, and see more details, here: ColdFusion Builder 3 Mandatory Update Release. Note that - finally - the installer bits are also updated, which means if you haven't grabbed CFBuilder 3 yet and install it today, you get the corrected bits. (Something that has needed to be fixed for CF server for quite some time.) Also fixed in this update is the Services view. You can read more about the Services view on this old bog entry of mine.
By the way - I've mentioned a few times already how much I like CFB3. I still do. So if you still haven't grabbed it and you are doing CF development, check out a copy now. Remember, it has an "Express" edition that is free.