Cake flour is made from the endosperm of soft spring wheat. Sometimes it's also called pastry flour. It has a lower protein/gluten content than either all-purpose or bread flour which is usually milled from hard red winter wheat. Therefore, due to its lower gluten content, it results in a softer crumb.
Oftentimes, cake flour is premixed with leavening for a "self-rising" cake flour used frequently for southern style biscuts and other types of baked goods with super-tender centers.
Rose Levy Berenbaum suggests using bleached all-purpose flour if cake flour is not readily available. Apparently, bleaching process roughens up the flour grains somewhat making it easier to achieve a tender crumb than when using unbleached all-purpose. She emphasizes, however, that when subbing the bleached AP for cake it's essential to sift the flour into the measuring cup and level with a straight edge and then sift again with whatever leavening you are using.
This worked really well when I was making cakes for SMTs that we did when she was promoting her new book and General Mills flour.
She's lovely, BTW, and could write an amazing culinary gossip column. ;)