We went to Otway Sound with Emily Tours, a local operator who stayed with us during the entire tour and explained penguin nesting habits such as regurgitating food to their babies (young penguins were in the nests in Jan 2013) . I recommend this tour company because it seemed like most of the others didn't accompany the tour, they just provided transportation and dropped people off, and I think the price was the same anyway. They also picked up two in our tour directly at the airport, which seemed like an efficient way to save a day in Punta Arenas, as the penguins are best seen in the late afternoon when they are in the nests after returning from sea.
They also made a point to take us to see Darwin's Rhea (a type of ostrich) and flamigos, and while we were viewing we saw a couple other tour operators blast by without stopping!
Lots of penguins, lots of fun, easily able to get your fill of penguin viewing!
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.