Truth be told, I didn't expect a lot from this film. I've been going through DreamWorks' animation back catalog and most of these films are rather depressing. What makes Penguins of Madagascar even worse is that it takes the worst side characters of the Madagascar series and gives them their own spin-off.
What did surprise me was the shameless cheapness of the film. As much as I dislike US animation, at least most of these films have a certain standard when it comes to technical quality. Penguins of Madagascar pretty much looks like a TV project. There's little detail, the settings are crude and the animation is poor. And that leaves pretty much nothing to enjoy.
The comedy is so incredibly dumb and predictable, the plot is boring and inconsequential, the voice acting mostly just loud. That seems to be the standard modus operandi of most of these films in fact. Just make it loud and busy and people will laugh at it. Not really my kind of comedy I'm afraid.