BEAT egg with milk and oil in large bowl with wire whisk until well blended. Add pancake mix; stir just until moistened. Stir in cereal. Let stand 5 minutes.
LADLE batter onto hot griddle or into hot skillet, using 1/4 cup of the batter for each pancake. Cook until bubbles form on tops, then turn to brown other sides.
SERVE topped with berries and powdered sugar.