It seems like with a complex print it would not cook very evenly, as the first line would be burnt by the time the last line is put on the hotplate. Also, this seems like it's not very 3D, what with pancakes being notoriously flat and all.

Perhaps a printer that extrudes the batter and has a ducted heat gun that cooks the cake batter in place just enough to hold it's shape, and then the whole thing goes in the oven at the end to finish cooking evenly? You'd probably be able to feel the layers in the cake as you eat it, but that might be kind of good.

Just a thought for improvement.