The penguins were the funniest creatures in the Madagascar franchise. So naturally they would capitalize on them with their own show and now their own feature.
While the film is decent you notice that the concept of the penguins only works in short episodes. Their antics are too much too handle for 90 minutes. Incredibly fast paced action rarely giving you time to catch your breath. The kids will love it through and through but the adults will get tired real soon. Because for quite a large part until the last act the jokes are kept simple. In the final part though the comedy is a little more sophisticated and much more fun. There is a high cuteness factor to this animated film as most of the creatures look fluffy and very cuddly. Obviously this film is more aimed at children and to be frank there is nothing wrong with that.
I suggest watching this in two parts. Since then you will be able to stomach the crazy adventures far better. And by that I mean you won't get exhausted that way.