As many have already said, I prefer the waffles if they're fresh-made. If they're frozen out of a box then I'll go for the pancakes. (Actually, I prefer French toast to either of them -- but that wasn't the question.)

The main reason to prefer waffles? They don't tend to drink they syrup themselves. More pancakes than not seem to absorb the syrup without getting any moister, so there's just a little bit of flavor in your mouthful of what might as well be pencil eraser gum (yep, some pancakes are that bad!).