Grease and lightly flour two 9x1-1/2-inch round cake pans; set aside.
In a large mixing bowl, combine the sugar, flour, baking soda, salt and cinnamon. Add drained pineapple, oil, eggs and vanilla. Beat with an electric mixer till combined, scraping the sides of the bowl occasionally. Stir in bananas, applesauce and walnuts. Divide batter between prepared pans.
Bake in a 350 degree F oven about 35 minutes or until top springs back when lightly touched. Cool cake layers on wire racks for 10 minutes. Remove from pans; cool thoroughly on wire racks.
Prepare the Cream Cheese Frosting; frost cake. Lightly press the 1-1/2 cups pecans into sides of cake. If you like, sprinkle the 2 tablespoons finely chopped pecans on top of cake. Cover and store in the refrigerator. Makes 12 to 16 servings.