When Mattel took over the Batman license (and by proxy the Batman Animated license) one of the things they did right was releasing this Batman: The New Batman Adventures styled Penguin.
The original Batman Animated Penguin was based on the Danny DeVito Penguin from Tim Burton's Batman Returns, and pretty much no one will argue the merits of that Penguin design. So when Batman TNBA streamlined and classic-ized Penguin for the 'toon, it was a welcome return to the Oswald Chesterfield Cobblepot we all knew and loved. When Mattel made an action figure of him it was a surprise and a welcome addition to the Batman Animated action figure ranks.
Penguin came simply with an unopened umbrella. No flashy shooty twirly neon umbrellas for this stylish old bean!
I had originally avoided the first Batman Animated Penguin action figure entirely, opting only to add this guy to my collection when he was released as a single carded figure (he first appeared in a TRU exclusive four pack that I never saw at retail.) But years later I did add the original Penguin to my collection, only because I found him for really cheap still in package. I've left him in package still to this day, but may have to finally bust him out and stand him up against this guy. Nostalgia has me liking the first version more today than I did when the cartoon first aired, but I still like this Penguin and his classic styling the most.