Pancakes are generally softer and fluffier with a more even, consistent texture throughout. They have a slightly cake-like quality, often attributed to a thicker batter that spreads on the griddle. On the other hand, waffles tend to be crispier on the outside due to the nature of the waffle iron's grid pattern. The batter used for waffles is typically a bit thicker than pancake batter, and the iron's design creates a crunchy exterior while keeping the inside soft and fluffy.