Or so says a mathematics teacher from the UK. The formula is:
100 - [10L - 7F + C(k - C) + T(m - T)]/(S - E)
In the complex formula L represents the number of lumps in the batter and C equals its consistency. The letter F stands for the flipping score, k is the ideal consistency and T is the temperature of the pan. Ideal temp of pan is represented by m, S is the length of time the batter stands before cooking and E is the length of time the cooked pancake sits before being eaten. The closer to 100 the result is — the better the pancake.
However, a commenter notes:
According to that formula, if you left the pancake batter standing for ten years, (s-e) would be large, and so the pancake would be near perfect. If you let it stand for the same time as you left the pancake to cool, (s-e) would be zero and the pancake would be infinitely bad.