(Or Was It Last Week?)
Shrove Tuesday is probably the most traditional, and therefore most correct, Pancake Day. This is the day preceding Ash Wednesday, which kicks off the beginning of Lent. Traditionally, Shrove Tuesday has been a day to live it up before Lent starts, which is why it's also known as Fat Tuesday, a.k.a. Mardi Gras.
However, IHOP (the American chain restaurant devoted to pancakes) considers February 28th to be Pancake Day, regardless of the date of Ash Wednesday. Frankly, my guess is that someone up at Corporate wanted to have a Shrove Tuesday promotion, but someone else was worried that it might look too religious and alienate the non-Catholics, so they compromised on a nearby date.
Regardless of the specifics, you should eat pancakes!
There are several decent pancake mixes available. Here in the Pacific Northwest, we swear by Snoqualmie Falls Lodge pancake mix. Elsewhere, Bisquick is popular. But I'm telling you, it's easy to make pancakes from scratch. If you have a reasonably well-stocked kitchen, you probably have all the ingredients at hand. And they taste so much better than the stuff from a mix!
My favorite recipe originally hails from a Metafilter comment. "1 cup flour, 1 cup milk, 1 egg, 1 T oil, 1 t baking powder, 1 t sugar." Mix it all together, but don't over-mix it. Then pour into a heated, greased pan.
The first pancake always turns out badly. That's just how it goes. For subsequent pancakes, I wait to flip until the browning has crept up halfway up the side of the batter. By this time, bubbles should have started to appear on the top of the batter. And the bottom should be browned enough that it has released itself from the pan. Just another minute or two on the other side will do the trick!
The biggest problem with pancakes is the timing. Unless you want to feed everyone one pancake at a time, you will have to keep them warm. I have had the best luck with putting them on a cookie sheet, layered with aluminum foil, in a 200 degree oven. At this temperature they will hold for about 20 minutes before they start to dry out. That should be enough time for you to whip up a decent-sized stack for the whole family.
Butter, syrup, and enjoy!