Yes, you can freeze your cakes and defrost later.......... The taste is wonderful. I usually bake my cake and let cool completely. I wrap in saran wrap and then in foil and then I put in ziplock bag to protect from freezer burn. I usually defrost on the counter and my cakes are delicious!
I have frozen cakes without a problem. Wrap tightly with plastic wrap. Thaw in the refrigerator. If you cut the cake into smaller pieces prior to freezing it will thaw faster. (Less temptation also-much harder to eat a frozen cake!) To answer the question does it still taste good? I don't think I have ever met a cake that didn't taste good.