My favorite white cake recipe is the one by Cook's Illustrated because they use the pastry method of mixing, flour and butter together first, then adding liquid; this prevents gluten from forming and gives you a tender, light, moist crumb.
Here is the recipe;
Also, I bake all my cakes at 325 degrees for a bit longer than what the recipe says, until a toothpick comes out WITH crumbs on it, but no wet batter . This is perfect! Also, for cakes 8" or larger, I use a collar around the pan for a more even bake.
You will find that a lot of people wrap their cakes in saran wrap after they come out of the oven and either let them sit or place them in the freezer. From my experiments with this method, yes you do get a moist cake because it continues to steam the cake, but it also changes the texture to a spongy-like constancy.
If you have ever had one of the dim-sum Chinese sponge cakes where they cook them in a steamer instead of an oven, this is the same process basically. For some recipes, this works fine, but for recipes where you want a light, fluffy texture and crumb, you will loose this.