I saw this one the other day. I'm kind of regretting that i paid to see it. I really wasn't a big fan. I did laugh out loud in a few parts (especially if it involved the penguins) but the overall movie came up short. I guess Dreamworks always has Shrek 3.
Dreamworks does appear to be in a slump. Personally though, I'd have more faith in Wallace and Gromit: The Curse of the Wererabbit than another Shrek movie.
Dreamworks' and 20th Century Fox's writing can't compare to Pixar's. Everyone goes on and on about how great Pixar's animation is, but what is less discussed is that all of their films are well-written, and unlike those of Dreamworks, do not have any content that may be inappropriate for kids.
Is that a problem if the film isn't intended for kids? OTOH, I realise that adult films like Shrek were somewhat irresponsibly marketed towards kids.