I strongly recommend that anyone interested in cooking should at least check out the magazine. I love their attitude, which is basically to take a big pile of recipes, try them all out, experiment a lot, and publish what they decide comes out best.
Warm 1 3/4 cups milk and 8 Tbl butter, cut into 1 Tbl pieces in a small saucepan over medium-low heat until the butter melts. Remove from the heat and let cool until it is just warm.
Meanwhile, whisk together 2 cups all-purpose flour, 1 Tbl sugar, 1 tsp salt and 1/2 Tbl instant yeast in a large bowl. Once the milk has cooled enough to not shock the yeast, whisk it gradually into the flour until smooth.
Whisk together 2 large eggs and 1 tsp vanilla extract. Whisk that into the batter until fully mixed.
Scrape down the sides of the bowl, cover with plastic wrap, and put in the refrigerator for 12 to 24 hours. It will roughly double in volume, and get somewhat frothy.
When ready to make the waffles, remove from the fridge, whisk the batter to deflate it, and make waffles as usual. Note that it will expand significantly as it cooks, so don't overfill the waffle iron. (The first one I made started turning into The Thing That Ate the Kitchen -- the waffle actually lifted the top of the iron a good half-inch as it expanded, and it was a bit heavy.)