Bacon and pancetta are similar, but the curing process of each is different. Pancetta is salt cured, with spices and other aromatics often added to flavor the meat further. Bacon is also cured, but it's then smoked after the curing process.
Both bacon and pancetta are raw meats and need to be cooked before consumption. Pancetta is often sliced thinly and wrapped around vegetables before cooking, or cubed and used like bacon.
The process to smoke bacon does not involve any heat, so it remains raw, but the smoking can be done with an array of different woods to impart particular flavors to the meat.