No. It will not be penalized. But your rewritten article should make sense. Most of the topics are already online.
So, if you look at top 10 wordpress plugins, you will find dozens of posts. And all of them get traffic because its a popular query.
Another article will be Top 10 Database optimization plugins (again you will find lot of competitors in these)
So, if you look at it, there are very less original articles on the internet but more is a rewriting of an upgraded version or a version which adds more value. As long as you are doing that, you will get good rankings. But if you are just rewriting for the sake of it, and not providing value, or not keeping SEO factors in mind, then the posts wont rank.