Can I make pancakes with waffle mix?
Yes.The basic ingredients for both are the same; the difference lies in how they are cooked.
There is usually a little extra oil/fat in the waffle mix...gives a crispier exterior, which is a good thing.
This answer is a little too simple for my taste. Using the same recipe for pancakes and waffles will result in mediocre waffles. Good waffles are lighter and more fatty. The extra eggs (or beating the egg whites) gives waffles a less cakey texture. The extra fat makes them more crisp as Doug said. Sure- the biggest difference is the iron but saying that is the *only* difference is sad.