NIGHT BEFORE
In a large mixing bowl (at least 3-quarts in capacity) combine the warm water (100°F. if using fresh yeast, 110°F. if using dry yeast), sugar, and yeast. Stir and let stand 10 to 20 minutes proof. If the yeast is active, it will produce many bubbles.
Add the milk, butter, salt, and flour and beat until smooth and blended. Cover the bowl with plastic wrap and let stand overnight at room temperature. (The batter will rise from 4 cups to 12 cups and then collapse.)
MORNING
Preheat the waffle iron until it is hot enough to sizzle a drop of water. (For crispy waffles, be sure to preheat both sides until very hot before adding the batter.)
Beat in the eggs. Add the baking soda and stir until well mixed. The batter will be very thin.
Pour the batter onto center of the waffle iron, using a light hand because the batter will spread when the lid is lowered. If using a 7-inch heart-shaped iron, use a scant 1/3 cup batter. Tilt the waffle iron to spread the batter around the edges. Lower the lid and cook until the bottom is golden brown. Flip the waffle iron over and briefly cook the other side until just golden brown. (If using an electric waffle iron, follow the manufacturer's directions.)
Keep the waffles warm and crisp by placing them in a single layer on racks in a warm oven with the door slightly ajar to allow any moisture to escape. Makes about eight 9-inch-square waffles or about sixteen 7-inch heart-shaped waffles.