It is quite reasonable. And if you look at other things Wright says on the atonement you will understand why so many folks say he's OK on the atonement and that he holds to penal substitution. There are many aspects of the atonement and in my view my own groups tend to neglect the aspect of Christ defeating the powers of darkness, death, and Satan in the atonement.
In all fairness I have noticed that there is a tendency for things to be done a certain way for a reason. And I have noticed that there is a tendency for those who like to emphasize the cosmic aspects of Christ's work do it for a reason. They like the cosmic because it is also collective and does not require that individuals be confronted with "doing business" so to speak, with God.
Did you ever stop and think why it is that God seemed, speaking reverently, to have a difficult time defeating Satan? In open unlimited conflict he would have no trouble. The problem is that the accuser really does have something to accuse us of, something "on" man so to speak, something that hinders a truly holy and just God from directly crushing the powers of darkness. And that is that he would have to rightly crush us too and he doesn't want to do that. Thus Jesus accomplishes this victory in a way very surprising, and the core of this is penal substitutionary atonement.
Wright is obviously brilliant, and a compelling speaker and you always learn something from him. He says everything though and sometimes he seems to like penal substitution and sometimes he doesn't mention it directly. He to my knowledge, never attacks it like some on here do. Direct me to the link if I'm wrong. If anything, regarding the title of the thread, I would say Wright is not that goofy on the atonement but he is moving into what I was talking about in collective justification, which I think is wrong biblically, whether it be in the gospels where Jesus is telling everyone that they must go through a narrow gate instead of with the many or whether it be Paul repeatedly telling Jews and gentiles that their justification is connected to faith, personal faith, not part of a covenant group.