Jay, the sifting is important if you are using volume measuring cups- for accuracy, the flour must be sifted directly into the cup, without tapping or jostling, then leveled. If you are weighing ingredients with a scale, then sifting is not required for butter cakes as you will accomplish a similar result with the mixing of the dry ingredients in the mixer.
For sponge-type cakes, however, sifting is required, oftentimes more than once.