The Bud Ice penguin seems to be a direct tribute to 'Feathers' McGraw, a wouldbe jewel thief penguin in Nick Park's The Wrong Trousers, starring Wallace and Gromit.

In fact, now that I think of it, I should do some research to see if they are one and the same.

well, ok, i've changed my mind. The Bud Ice penguin is a direct rip-off of Feathers McGraw. He's a little cute, steal things, and is a penguin.

Instead of the lovingly laborious process of animation by plasticine, he is created in the advertisements via visual effects. from an AP report: "The penguin is actually a guy in a suit whose image is reduced and superimposed on the scene."

The beer penguin, not only exploits penguins for capitalistic purposes (A Bad Thing), but also promotes beer as fun for all, including children in their formative years. So, by my count, three things against the beer penguin, thus another reason not to drink Budweiser.