Penpot is highly praised for being an open-source design tool that offers a compelling alternative to Figma, especially after Adobe's acquisition of Figma. Users appreciate its ease of use, generous free tier, and the absence of restrictive pricing plans. The tool is noted for its potential to enhance collaboration between designers and developers, thanks to features like native Design Tokens and CSS Grid. While some users mention missing features, the overall sentiment is positive, with many seeing Penpot as a promising and mature project in the design software space.