This is a tough one, as I am a lover of all things pancakey (and waffles are basically just a different form of pancake).
But for me crepes (proper ones, thin and slightly crisp) are the best. Savoury or sweet doesn't matter (though I'm more of a sweet kind of guy).
Waffles, while a bit more exciting (you don't really get them as much over here), require special equipment to make. As much as I'd love a waffle iron, I don't think I have space in the kitchen for one more gadget...
French Toast is also delicious, though I wouldn't class it in the same category really; I've always had the savoury version, usually with bacon, sausages and/or eggs.
Drop scones are also delicious.
And to add two new contestants to the debate:
Yorkshire Pudding - Basically pancake batter cooked in the oven so it soufflés up and goes crispy. Usually savoury and served with a roast dinner, but can also be used as a sweet or even had with breakfast (I once had them with lasagne, it was surprisingly delicious)
Mozzarella-in-carrozza - Two slices of french toast with mozzarella melted in the middle. What's not to love?