Preheat oven to 350. Butter and flour your preferred baking vessel (this recipe will yield 1 layer cake with 8-inch layers, 26 cupcakes, 1 13x9 inch sheet cake or 1 loaf cake and 6 cupcakes)
In a large bowl or bowl of a stand mixer beat the eggs and sugar and light and fluffy.
Meanwhile, scald the milk and butter in a small saucepan. You want it close to boiling, with little bubbles appearing around the edges but not actually boiling. Allow the butter and milk mixture to cool a few couple minutes.
Slowly stream in the slightly cooled milk mixture into the eggs with the beater running. It is a very wet batter at this point so watch for splattering. Once incorporated beat in the flour, baking powder and vanilla.
Pour into prepared pan(s) and bake about 25 minutes for single layers or cupcakes or 55 minutes in a loaf pan. Try not to open the oven while baking--this cake has a tendency to rise then fall. It will still be perfect texture-wise but it will dip in a little.
Cool briefly in pan on a wire rack.
Remove to wire rack and cool completely. Ice or glaze as desired.
Yield: 1 layer cake with 8-inch layers, 26 cupcakes, 1 13x9 inch sheet cake or 1 loaf cake plus 6 cupcakes