They are a quick snack that you can eat that usually tasted good. Home-cooked pancakes are muck better but they take a MUCH longer time to make. So overall , I would rather eat homemade pancakes, but if I need to get going to school or a job, I would eat the frozen pancaked.
Yes, frozen microwaveable pancakes are an acceptable substitute for those actually cooked in a pan. Of course, fresh, pan-cooked pancakes taste better than frozen microwaveable ones do, but the frozen microwaveable ones still taste good and are a good substitute for mornings when you don't have time to cook pancakes fresh.
No, frozen microwaveable pancakes are not an acceptable substitute for those actually cooked in a pan because microwaves often increase the likelihood of other potential health hazards. Microwaves have been linked to cancer causing agents, and if possible, a chef should rely on ovens much more often. Plus, pancakes on ovens are delicious.
It may be convenient to make food in a microwave, but the taste is nowhere near as good as food that's homemade. When you make food from scratch, you appreciate the effort that went into the meal - which, arguably, makes it even more satisfying. Not only that, homecooked food tends to be healthier because it's not made out of chemicals.
I suppose if it was the end of the world or you did not have a working stove, microwaveable pancakes would be better than nothing, but nothing beats being able to see your delicious batter gain fluff in a pan. In my experience, the microwaveable pancakes tend to be a bit more rubbery and not nearly as fluffy.