Cake: Heat oven to 350°F. Coat two 9 x 2-in. cake pans with nonstick spray. Line bottoms with wax paper; spray paper. Arrange apple slices in a single layer in 1 prepared pan. Sprinkle walnuts and raisins evenly over bottom of other prepared pan.
Beat butter, sugars, baking soda, cinnamon, ginger and salt in a large bowl with mixer on low speed until blended. Increase speed to medium-high and beat, scraping bowl a few times, 3 minutes or until fluffy.
On low speed, beat in eggs 1 at a time until well blended. Beat in flour in 4 additions, alternately with applesauce in 3 additions, just until blended. Divide batter between prepared pans, gently spreading level.
Bake 40 minutes or until a wooden pick inserted in centers comes out clean. Cool in pans on a wire rack 10 minutes. Gently run a knife around sides of cakes and invert cakes sharply on rack; remove wax paper. Cool completely.
Frosting: Beat cream cheese, butter, honey and vanilla in a medium bowl with mixer on medium speed about 2 minutes until smooth and fluffy.
To assemble: Place apple cake layer apple side up on cake platter. Spread with 3/4 cup frosting. Top with other cake layer walnut-raisin side down. Spread top of cake with remaining frosting. Just before serving, garnish with sliced apple.
Planning Tip: Can be made, without garnish, up to 1 day ahead. Cover and refrigerate. Garnish just before serving.
Calories 617 Fat 33g Saturated fat 18g Cholesterol 149mg
Sodium 393mg Carbohydrate 75g Fiber 2g
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