When I first spotted this on the "Popular Deviations" page, I squealed to myself, "IT'S SO CUTE!!!"
I'm partial to sparkly or colorful things, so the background is definitely a plus for me, because it adds flavor and personality to the image. Then, there is, of course, the little stuffed critter itself. I like how its fur (can it really be called fur?) is rumpled up and not combed down flat, and the way its little shiny button-eyes are still visible among the rumpled bits of fur.
My only scruple for this is that the penguin blends in with its background a little too much. Otherwise, I like it very, very much.