1Heat oven to 350°F (325°F for dark or nonstick pans). Spray bottoms only of three 9-inch round cake pans with baking spray with flour.
2In large bowl, beat cake ingredients with electric mixer on low speed until moistened, then on high speed 2 minutes. Divide batter equally among pans. Bake 24 to 30 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pans to cooling racks. Cool completely, about 30 minutes.
3Meanwhile, in large bowl, beat cream cheese and butter with electric mixer on low speed until smooth. Gradually beat in powdered sugar, 1 cup at a time, until smooth. Refrigerate about 30 minutes or until frosting reaches desired spreading consistency.
4Place 1 cake layer, rounded side down, on serving plate; spread about 3/4 cup frosting over top to within about 1/4 inch of edge. Top with second cake layer, rounded side up; spread with 3/4 cup frosting. Top with third layer, rounded side up. Spread thin layer of frosting on side of cake. Spread remaining frosting on side and top of cake. Store covered in refrigerator.