This pdf is 8 pages long, 1 page front cover, 1page editorial/ToC and 1 page SRD, leaving 5 pages of content.
The pdf kicks off with an introduction to this pdf version of the great Quid Novi-newsletter (which I've been receiving for the better part of a year by now) and then goes on to the gaming material. Each section is prefaced by a cool, aptly-written short IC-text.
The pdf includes an affliction that is quite amusing: Boogie fever. We also get a cool leather gauntlet with positive energy abilities, a nice new haunt and of course: Penguins!
An encounter with an emperor penguin, penguins as animal companions, little penguins and a cool magical trap with... Penguins! We also get a nice new cantrip-spell for bards and a cool list of recommended reading.
Layout adheres to the two-column standard and is printer-friendly b/w, editing and formatting are top-notch and I didn't notice any glitches. Content-wise, this issue walks the thin line between being funny and usable and succeeds at both. Due to the fact that the file is free, I can unanimously recommend the file: You literally have no reason not to download this and should in fact do so. My final verdict will be 5 stars.
[5 of 5 Stars!]