Matt McGee live blogged the extremely well-attended event, which kicked off with a parody video of Matt Cutts clips assembled by Sam Applegate. Danny Sullivan and Matt Cutts came out to a stage decorated, appropriately enough, with stuffed penguins, highlighting the search engine’s Penguin update. This led naturally into Sullivan’s first question: is Penguin a penalty? According to Cutts, Penguin is not a penalty – but when they use the word penalty at Google’s web spam team, they mean taking some kind of manual action concerning a website. Penguin, on the other hand, is just another signal …