That's why the Recipe Specifies Milk
Note to those making pancakes using Bisquik - the recipe specifies milk to be used - and now I know why.
Due to a brain cramp, I used water instead of milk while fulfilling my kids' request for Chocolate Chip pancakes. I didn't realize the mistake until after I had added the egg, and I didn't want to pour 2 cups of baking mix down the drain, so I decided to proceed as if the water was a suitable substitute for milk.
Apparently, the milk solids are responsible for creating those fluffy pancakes, because the batch made with the water were thin. Taste wise, they were passable, but the overall quality was down. The kids didn't complain too much because each cake contained a generous number of chocolate chips (which is probably the reason why they eat these in the first place). So, note to self - water just doesn't cut it sometimes.