Pancetta is cured, and the focus is really on how this happens. This can be done simply with salt, but spices and other aromatics are often added to infuse the pancetta with particular flavors.
Pancetta is sold sliced thin. The thin slices can be wrapped around vegetables or meat before cooking.
Pancetta is cured and unsmoked, while bacon is cured and smoked, but both need to be cooked before being eaten. They can be used interchangeably in dishes, depending on whether or not you want a smoky flavor.