Penrose was OK, it was part of the Fling and was probably the best bit of the 100km as it wasn't fire road but yeah, it's all little sections connected by fire roads. And Penrose is pretty flat, at least the Fling bits were that we rode.
If anything I'd say if the trails weren't at least as technical or hilly as Ourimbah, I wouldn't waste my time going there. I MTB to have a challenge, not race a dirt crit. Even PShaws Woy Woy tip ride rates better than Killingworth and it's not even that well known.