Waffles are just pancakes with syrup containment units.
Pancakes are great on their own, but if you really need to pile on toppings, you need waffles. There is no pancake on earth that can remain fluffy after being crushed beneath a pound of strawberries and whipped cream.
I'm going to say waffles are superior if only because of their tactical flexibility
Interesting - I'd go with pancakes for their tactical flexibility.
Certainly the waffle can withstand the addition of post-preparation toppings with little-to-no effect on the waffle itself. However, one finds pancakes with an extraordinary variety of additions during preparation. All kinds of things can be chopped into pancake batter and be awesome whereas they're only distractions when added cold on top (as with waffle-toppings).
Admittedly, I'm not aware of any reason why one couldn't put the same variety of ingredients into waffle batter too but I've rarely seen it done. To me that suggests that getting creative with the batter creates technical problems (e.g. too much chance of waffles sticking to the iron or disintegrating during release or somesuch). Any waffle cookers out there who can speak on this from experience?