There are $k$ penguins, $k\ge 3$. They are all different heights. How many ways are there to order the penguins in a line, left to right, so that we cannot find any three that are arranged tallest to shortest (in left to right order)? The penguin triples do not have have to be adjacent.
This problem is courtesy of someone I know only as "DaMancha."

For my own benefit last night I worked through a complete argument demonstrating a bijection between the $321$-avoiding permutations of $[n]$ and the Dyck paths of length $2n$. I see that Théophile has posted a delightful sketch of another argument, but I’m going to post this anyway, if only to be able to have easy access to it later. I believe that this bijection is essentially due to Krattenthaler.
Let $\pi=\pi_1\pi_2\dots\pi_n$ be a permutation of $[n]$. A number $\pi_k$ is a left-to-right maximum of $\pi$ at position $k$ if $\pi_k>\pi_i$ for $1\le i<k$. Let $s$ be the number of left-to-right maxima; if they occur at positions $k_1<\ldots<k_s$, let $p_\pi=\langle k_1,\dots,k_s\rangle$ and $m_\pi=\langle\pi_{k_1},\dots,\pi_{k_s}\rangle$. Clearly $\pi_{k_1}<\ldots<\pi_{k_s}=n$, and $k_1=1$. It’s not hard to see that $\pi$ is $321$-avoiding iff the non-maxima occur in increasing order from left to right. Consequently, a $321$-avoiding permutation $\pi$ of $n$ is completely determined by $p_\pi$ and $m_\pi$.
Since $k_1$ is always $1$ and $\pi_{k_s}$ is always $n$, they’re superfluous. Let $r=s-1$, for $i=1,\dots,r$ set $a_i=\pi_{k_i}$, and let $a_\pi=\langle a_1,\dots,a_r\rangle$. It will be convenient to shift the position numbers down by $1$, so for $i=1,\dots,r$ set $d_i=k_{i+1}-1$, and let $d_\pi=\langle d_1,\dots,d_r\rangle$. Note that $\pi$ is still completely determined by $n,a_\pi$, and $d_\pi$.
Now I’ll show how to use $a_\pi$ and $d_\pi$ to construct a Dyck path of length $2n$. The sequences $a_\pi$ and $d_\pi$ are necessarily increasing, so they can be thought of as the sequences of partial sums of positive sequences $\bar a_\pi$ and $\bar d_\pi$, where $$\bar a_\pi=\langle a_1,a_2-a_1,a_3-a_2,\dots,a_r-a_{r-1}\rangle=\langle\bar a_1,\dots,\bar a_r\rangle$$ and $$\bar d_\pi=\langle d_1,d_2-d_1,d_3-d_2,\dots,d_r-d_{r-1}\rangle=\langle\bar d_1,\dots,\bar d_r\rangle\;.$$
The numbers $\bar a_i$ and $\bar d_i$ are the lengths of the path’s ascents and descents, respectively, consecutively from left to right. That is, the path begins with $\bar a_1$ up-steps, which are followed by $\bar d_1$ down-steps, $\bar a_2$ up-steps, and so on. This produces a path of length $a_r+d_r$, which is always less than $2n$, so we pad it with one more peak consisting of $n-a_r$ up-steps followed by $n-d_r$ down-steps.
Of course we have to show both that this procedure is guaranteed to yield a Dyck path, and that every Dyck path of length $2n$ can be obtained in this way.
In order for $\bar a_\pi$ and $\bar d_\pi$ to generate a Dyck path, it must be the case that $a_i\ge d_i$ for $i=1,\dots,r$. By definition $\pi_{k_i}$ must be the largest of the $k_{i+1}-1$ numbers to the left of $\pi_{k_{i+1}}$, so it must be at least $k_{i+1}-1$, and therefore $a_i=\pi_{k_i}\ge k_{i+1}-1=d_i$, and $\bar a_\pi$ and $\bar d_\pi$ do generate a Dyck path.
Conversely, consider a Dyck path of length $2n$ with $s$ peaks. Clearly $s\le n$. Let $r=s-1$. For $i=1,\dots,r$ let $\bar a_i$ be the number of up-steps in the $i$-th peak, and let $\bar d_i$ be the number of down-steps. Let $\bar a=\langle\bar a_1,\dots,\bar a_r\rangle$ and $\bar d=\langle\bar d_1,\dots,\bar d_r\rangle$. For $i=1,\dots,r$ let $a_i=\sum_{j=1}^i\bar a_j$ and $d_i=\sum_{j=1}^i\bar d_j$, and let $a=\langle a_1,\dots,a_r\rangle$ and $d=\langle d_1,\dots,d_r\rangle$. Note that since we started with a Dyck path, necessarily $a_i\ge d_i$ for $i=1,\dots,r$.
We want to construct a $321$-avoiding permutation $\pi$ of $[n]$ such that $a=a_\pi$ and $d=d_\pi$. To construct $\pi$, we place the numbers $a_1,\dots,a_r$, and $n$ at positions $1,d_1+1,\dots,d_r+1$, respectively, and fill in the remaining slots with the members of $[n]\setminus\{a_1,\dots,a_r,n\}$ arranged in increasing order from left to right. The numbers $a_1,\dots,a_r,n$ are distinct, so this certainly produces a permutation $\pi$ of $[n]$ for which $a_\pi=a$ and $d_\pi=d$; the only question is whether $\pi$ is $321$-avoiding.
The permutation $\pi$ will be $321$-avoiding if the numbers $a_1,\dots,a_r,n$ are the left-to-right maxima. Clearly $n$ is a left-to-right maximum, so consider one of the $a_i$: $a_{i+1}$ is in position $d_i+1$, so $a_i$ is a left-to-right maximum iff $a_i\ge\pi_j$ for $j=1,\dots,d_i$, which by construction is the case iff $a_i\ge\pi_{d_i}$. The construction ensures that the $\pi_j$ with $j=1,\dots,d_i$ are $a_1,\dots,a_i$ and the $d_i-i$ smallest remaining positive integers, so $\pi_{d_i}\le d_i\le a_i$, and $\pi$ is $321$-avoiding.
This establishes the desired bijection between $321$-avoiding permutations of $[n]$ and Dyck paths of length $2n$. Since it’s well-known that there are $C_n$ of the latter, where $C_n$ is the $n$-th Catalan number, it follows that there are $C_n$ $321$-avoiding permutations of $[n]$.