Heat oven to 350°F. Line bottoms of 2 (8-inch) round cake pans with parchment paper; spray paper with Crisco® Original No-Stick Cooking Spray.
In a medium bowl, beat flour, eggs, frosting, 1/4 cup of the sugar and 1/3 cup water with electric mixer on low speed 30 seconds. Beat on high speed 2 minutes, scraping bowl occasionally, until blended. Pour and spread batter evenly in pans.
Bake 18 to 20 minutes or until toothpick inserted in center comes out clean. Cool in pans 15 minutes. Carefully invert cake layers from pans onto cooling racks; remove parchment paper. Cool completely, about 30 minutes.
To make filling, in medium bowl, beat cream cheese and remaining 1/2 cup sugar with electric mixer on medium speed until smooth. Beat in whipped topping on low speed until blended.
To assemble cake, place 1 cake layer top side down on serving plate. Spread half of filling to edge; top with 1 cup of the raspberries; pressing berries into filling. Sprinkle with half of the pink decorator sugar. Place remaining cake layer, rounded side up on raspberries; press gently. Spread remaining filling on cake. Top with remaining raspberries and pink decorator sugar. Store in refrigerator.