It's adorable, but it can definitely be improved.
When I saw the whole 8-bit penguin thing, I was thinking, bah, this can't be any good. It had amateur graphics, awkwardly blank backgrounds, and the game was so simplistic it was scary.
Or that's what I thought.
This game is actually pretty difficult at the last level--it's easy to fall off anywhere. The music is catchy, of course, we all know where the sound effects came from, but it matches this game well, and the animation is very smooth. I even came to like the little penguin by the end.
I would suggest to the creator that the replenishing of coins every time you die is not a very good idea--it makes for almost a permanent supply of lives, and maybe just a little bit of variation in the music from every level?
I have to say. This is a really good base for what could be very a promising series.