First of all, I took the time to sit down and watch the show so that I could form an opinion on it, and the first thing that stood out to me was that most of the dialogue between pretentious and fake, which is due to faults in both the acting and the script. If you don't believe me, I cite the first episode as my most prominent reference, specifically Twilight's conversations with her soon-to-be pony friends when she first meets them. Getting into this "My Little Phony" aspect (I'm so punny, aren't I?), the basis for the characters within this show even seems pretentious. It's like the creators of the show said "We need a show that will appeal to an adorable, girly demographic. Hmm...let's make it about cute, pink ponies!" Thus, the lack of artistic integrity is apparent from every angle, even the show's name: "My Little Pony"! The word "my" is irrelevant since the ponies do not belong to anybody, the word "little" doesn't entirely apply either because the ponies are approximately life-sized, and the word "pony" is practically rendered moot because the vast majority of the cast--including the main character--is made up of unicorns and pegasi! (Pegasuses? Pegases? Pegapeople? I don't know.) Anyhow, the show feels like a by-product of media whores trashing the cartoon industry yet again.
An issue that elicits more of a mixed response from me is the personality of the characters themselves. When I first began watching the show, I sincerely identified with the main character, Twilight Sparkle, due to similarities in our personalities. However, as I progressed through the show, the spotlight zoomed away from Twilight in order to focus on the other characters, none of whom I like very much. Apple Jack is an ethnic stereotype in equine form, with no visible defining characteristics other than her Southern accent, Pinkie Pie is so hyperactive that she almost frightens me, Rarity is another ethnic stereotype as well as a glamor gal, which does not appeal to me, and Rainbow Dash's tomboy personality would be more charming if she wasn't so brash and even bossy at times. Naturally, I hardly harbor any respect for this bunch of misfits.
Lastly, I can't believe I'm saying this, but I have noticed some striking similarities between My Little Pony and Sonic the Hedgehog. I'm not going to list all of them due to their excessive numbers, but the Sonic Rainboom, for example, is ripped straight out of the opening cutscene of Sonic CD, with the exception that the latter presented it from a 2D angle. Moreover, Discord, the master of chaos, appears to share multiple characteristics with Chaos, the god of destruction. To name a few, they have synonymous names, they are both dragon-like creatures (Chaos applies to this category in his Perfect Chaos form), both have prophetic murals dedicated to them, and both can be defeated by a handful of magic stones influenced by positive emotions. Go ahead, disprove my words.