Preheat oven to 350°F. Grease and lightly flour two 8x1- ½- or 9x1- ½-inch round cake pans; line bottom of pans with waxed paper or parchment paper. Grease and lightly flour the waxed paper or parchment paper and the sides of the pans. Set aside.
In a large bowl, stir together flour, flax seed meal, baking powder, pumpkin pie spice, baking soda and salt; set aside. In another large bowl, combine finely shredded carrot, eggs, granulated sugar, brown sugar and oil. Add egg mixture all at once to flour mixture. Stir until combined. Divide batter evenly among prepared pans, spreading evenly.
Bake for 25 to 30 minutes for 8-inch pans, 20 to 25 minutes for 9-inch pans, or until a toothpick inserted near centers of the cakes comes out clean. Cool cakes in pans on wire racks for 10 minutes. Invert cakes onto wire racks. Cool completely.
In a medium bowl, beat reduced-fat cream cheese (Neufchâtel) with an electric mixer on medium to high speed until smooth. Beat in vanilla. Gradually add powdered sugar, beating until smooth. Thaw 1- ½ cups frozen light whipped dessert topping. Fold about ½ cup of the topping into the cream cheese mixture to lighten. Fold in the remaining whipped topping.
Place one cooled cake layer on a serving platter. Top with half of the Fluffy Cream Cheese Frosting. Place the second cake layer atop the frosting; spread with the remaining frosting. If desired, garnish with coarsely shredded carrot.
Tip: Be sure to finely shred the carrots to prevent them from sinking to the bottom of the pan during baking
If using a sugar substitute, choose Splenda® Sugar Blend for Baking in place of granulated sugar. Choose Splenda® Brown Sugar Blend for Baking in place of brown sugar. Follow package directions to use product amount that's equivalent to ½ cup granulated and brown sugars. Nutrition analysis per serving: same as below except 231 calories, 25 g carbohydrate, 186 mg sodium. Daily values: 3% calcium. Exchanges: 1½ other carbohydrates. Carbohydrate choices: 1½.