I have no problem with my form text via Upload.form, however My image file does not seem to be getting saved.

 
Set File = Upload.Files("ImgFile")
If Not File Is Nothing Then
Filename = file.Filename
Response.Write(Filename)
File.SaveAs "../Images/Products/" & Filename
End If

Response.Write(Filename) is correct, So where am I making an error?

is there a folder called "/images/products/" ABOVE the location of the script?

You need to use the Upload.Save method to save the uploaded file. Consult the documentation at www.aspupload.com

Check the file path. I am sure there is a problem with pathing only..

Many servers for security reasons only allow virtual path with Pesists upload component.

Try following:
file.SaveAsVirtual "/images/products/"& file.FileName