Well, one fan's theory is that Oswald Cobblepot is acutally the Joker in the series and not Penguin.
His reasoning is that Cobblepot is portrayed as being too much of a psycho compared to the real Penguin - and looks nothing like the actual character - and hypothesizes that Cobblepot has to hide his identity from Fish Mooney and Falcone, thus becoming The Joker.
Movie Pilot also posted this cool rendition of Robin Taylor as The Joker.
So, is it possible? I suppose it could work, but it seems more or less like Penguin is working his way up to where he eventually will be on the same playing field as Fish Mooney, or even take her out in his rise to the top of the Gotham crime families.
Regarding the different look of this Penguin compared to the classic version, well that is TV for ya.
Still, it's a cool thought.