Heat oven to 200degreesF. Line cookie sheet with paper towels. Make pancakes as directed on box, using 2 cups pancake mix and 1 1/3 cups water. Place cooked pancakes on cookie sheet; keep warm in oven.
Heat bacon as directed on package. Meanwhile, in small bowl, beat eggs and water with fork or wire whisk.
In 8-inch nonstick skillet, heat butter over medium heat. Pour egg mixture into skillet; cook until top is almost set. Gently lift edges to allow uncooked egg to flow underneath; continue to cook until set. Top with cheese. Remove from heat. Cut into 4 wedges.
To assemble each panwich, top 1 pancake with egg wedge, bacon slice and another pancake.
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