Got a Penguin in the mail yesterday, and immediately set to work on it.
It is a great figure, with a fantastic face sculpt. However, as pictures have shown, he was too tall. Way too tall.
Thankfully I found that this is fixable.
His coat is removable, as is his vest. His vest requires a little convincing to come off, it has a little glue in the front, but it came off easy enough. I then cut almost an inch out of his mid section, and reattached the two halves. He has no waist articulation now, but the factory waist swivel was pretty much pointless anyway. (it had a peg and divot in the front that seriously limited the range of movement to like a millimeter or two to the left and a millimeter or two to the right.)
I also shortened his calves, when I replaced his feet. I may change out the feet for some a little smaller.
I like him a lot more now.

I didn't take any before pictures, but here is a comparison with the Toy Fair image.
On a side note, I think this is one of the few times where I like the actual production figure more than the early proto version.
Although it would've been nice to keep the painted pin stripes on the pants.

His hat can come off, but it was glued pretty tight. Upon removal, I found that he has a peg on top of his head that is basically as thick and tall as the inside of the hat. As I worked on cutting it down, with the intent to give him a regular head, I found that the cavity for the neck ball sits very high up in the head. You can see the little black spot on top of his head where I trimmed a little too much, and you can see the black neck ball. Not sure if I'm still going to work on giving him a regular cranium, or just glue the hat back on.

His hat does fit on other figures too.

_________________
"Now I am somewhere I am not supposed to be,
and I can see things I never really should've seen,
and now I know why, and now I know why...
things aren't as pretty... on the inside"