I've owned this filter for ~8 months and I'll give my 8 month findings.
I use this on my 55 gallon freshwater community tank. It's not a bad filter at all, but there are a couple small annoyances. To start, the biowheel bearing gum problem is still around and while mine don't always completely seize up, one generally has a hard time turning and requires frequent cleaning. I have however, not had to replace the biowheels for any reason... They seem to be holding up just fine. Also, after 8 months the unit isn't as quiet as the day I plugged it in. While it's still far less than audibly annoying, it's noticeably louder. The upside is that the filters are pretty inexpensive if you buy them in quantity and the filter does a pretty good job of keeping up with my bio-load. I typically had both filter media cartridges filled, swapping out one every 3-4 weeks. For anyone looking to buy a Penguin 350, A competitive product to the Penguin 350 would be the AquaClear 110, which is IMO, a bit better.
Having said that, I'm moving to a large wet/dry filter setup and switching some stuff around in the tank shortly here. I will be keeping the penguin on the 55 during the switchover, but I will move it to a 20G spare after that.
All-in-all, it's not a bad filter but I'd suggest to anyone serious in the hobby to get a decent canister or something and be done with it.
-HSFT