I remember when my late grandmother made latkes for us every Hanukkah when I was a kid. Warm, flaky, and great with applesauce. You don't have to be Jewish to love 'em, but it helps.
Combine potato and onion in a colander. Drain for 30 minutes, pressing the ingredients with the back of a spoon until barely moist. Combine potato mixture, flour, and next 4 ingredients (through egg) in a large bowl; give it a good tossing.
Heat a large skillet over medium-high heat. Add 2 tablespoons olive oil to pan, and swirl it around to coat. Spoon 1/4 cup potato mixture loosely into a dry measuring cup. Pour mixture into pan, and flatten slightly. Repeat procedure 5 more times to form 6 latkes total. Sauté latkes for 3 1/2 minutes on each side or until golden brown. Remove latkes from pan, and keep warm (check the notes at the bottom for warming instructions). Repeat procedure with the remaining 2 tablespoons olive oil and potato mixture. You should have 12 latkes total when the mixture's all used up. Combine the applesauce and ground cinnamon in a bowl. Serve the latkes with a dollop of applesauce on each.
Latkes need to be made in batches. When you finish a batch, put 'em on a baking sheet lined with paper towels in an oven set to low to keep 'em warm while you whip up more.