No your eyes are not decieving you, yes that is an aerosol can (think ready whip)with a picture of pancakes on the front.
This is amazing stuff. It is organic (as if I care about that but I know some of you do), it is simple (ding ding ding) and I can use as little or as much as I want and just put the can back in the fridge for next time.
The downside is it takes a few doings to get the right amount squirted into the waffle iron to know how much you should use, but experimenting tastes good!