Lightly toast the waffles. Mix egg substitute, vanilla extract, and cinnamon in a bowl, and set aside.
Bring a large skillet sprayed with nonstick spray to medium-high heat on the stove. Add butter and allow it to coat the bottom of the skillet. Meanwhile, coat the waffles thoroughly in the egg mixture.
Cook the waffles in the skillet until golden brown, 4 to 5 minutes per side. Top them with syrup and powdered sugar. Serve with raspberries, if you like, and enjoy!