Getting Reckless?
This book picks up right where the last one left off, Batman embarrassing Penguin in the one place where he is respected. Then it continues in the same vein as the last book - going back and forth between Mr Cobblepot's past and present. The art is done masterfully and we get almost cinematic transitions. Sometimes it can be a little confusing to tell if a speech bubble belongs in the present or past, but it's not too hard. Overall, we get the picture of someone what was made ruthless through his interactions with others and this continues to be a very brutal story.
It was a little repetitious in its themes from the last book so it would almost fall apart if the writing and art weren't so good. I'm very curious where things go from here. It's book 2 out of 5 and I feel that we're probably done with the past. Penguin seems to be getting a bit reckless in the future, but we'll see. There're also possibly setting up a parallel where he's inadvertently causing the same thing to happen to someone else. But I'm not 100% sure there.
I think you should be reading this mini-series regardless of what you thought of Penguin before this.