I wasn't really that thrilled with it, honestly.
Yes, the penguins were absolutely adorable. I will grant that much.
My qualms include:
-The theater was MUCH too loud, which ruined my experience to an extent.
-There was this huge underlying plot in which the penguins belonged to this weird cult run by an oligarchy of bitter "old man" penguins that didn't allow anything but singing from the penguins.
-The moral, or what I took it to be, was that people are horrible and are overfishing in Antarctica and we should stop because we're killing all the cute penguins. (Not saying I don't agree that overfishing sucks, but the point was emphasized - humans are considered "aliens", etc)
-It was very much a kid's movie, not like Cars. At least Cars had scenes tailored to adults, then some to kids, then some for the whole family. This, as far as I could tell, didn't have that.
-There were a few times when I thought it was over, but it just kept going. No way younger kids could sit through the whole thing.
Generally, as I said, the penguins are adorable. Maybe I'm analyzing it too much, but that's my humble opinion about it.