Whisk together the mustard, maple syrup and preserves. Set aside.
Preheat a non-stick electric grill (or use a grill pan on the stove).
Toast the waffles so they aren't frozen anymore and are crisp.
Divide the meat and cheese and place on four waffles. Top each of four halves with about a tablespoon of the apricot sauce and two slices of bacon. Top each of the halves with another waffle.
Melt butter where you'll place each sandwich on the griddle. Before flipping the sandwiches, melt a little butter so the other side will be grilled in butter.
Serve hot topped with powdered sugar, and a little extra apricot sauce (if desired).