We did it on our August trip and were very glad we did, even though the wait was 30 minutes or so. My son loves penguins and it's the only way you can see them at SW now.
I thought the "wild" version of the ride was pretty mild as well. Plus, the ride is VERY short - I'd say no more than a minute or two? I didn't time it, but both DH and I thought it was shorter than any other ride.