I think Penny is a very good option in most leagues. As long as you don't have to rely on him for the K's, you'll be fine.
Of course, he's always an injury risk, but what pitcher isn't? In my experience, there's no way to predict injuries in fantasy baseball, and when you try, you often cut your nose despite your face. Same thing with predicting wins (just look at Randy Johnson this year, or Kelvim Escobar last year).
Penny is going to be a stud in the 2nd half with a sub-4.00 ERA, and he's a great 3rd option in most leagues.
[size=10]"Men are apt to mistake the strength of their feeling for the strength of their argument." [/size]