Okay, so it is actually called "National Pancake Day" and here is the info from IHOP's site:
"Known also as Fat Tuesday or Mardi Gras, National Pancake Day dates back several centuries to when the English prepped for fasting during Lent. Strict rules prohibited the eating of all dairy products during Lent, so pancakes were made to use up the supply of eggs, milk, butter and other dairy products…hence the name Pancake Tuesday, or Shrove Tuesday.
Since beginning its National Pancake Day celebration in 2006, IHOP has raised nearly two million dollars to support charities in the communities in which it operates. With your help, we hope to raise $1,000,000 for Children’s Miracle Network in 2009!"
But what's the catch?
"IHOP is offering free pancakes on Feb. 24 in celebration of National Pancake Day.
This will be the fourth year that IHOP has celebrated the national event, with nearly 1,400 IHOP restaurants throughout the United States giving guests a free short stack of buttermilk pancakes from 7 a.m. to 10 p.m.
Diners will be asked to donate what they would have paid for the free pancakes, or more, to their local children's hospital or another charity. IHOP is hoping to raise $1 million for Children's Miracle network, a nonprofit helping children's hospitals and other causes."