Bad.
It's about a penguin named Cody Maverick who loves to surf. That's interesting right?
Penguins did not evolve to be penguins to surf. I don't understand. Picking penguins as surfing animals is just weird. Chickens even.
The CG water is awesome. Many people say that it still is not good enough, but I'm happy already with the quality presented in this movie.
I don't remember anything else worth noting about this movie.
Don't watch it.