Considering a good pancake or waffle is the same batter with a different shape, the only thing up for debate is the shape. In that case, waffle wins hands down.
When I was a kid, I would toast and Ego and fill all the holes with sauce. Then I could walk out the door and eat it on the way to school. Try that with a pancake. With pancakes, all the syrup drifts off to the plate and you have to mop it up, resulting in uneven dispersal of the syrup.