I should have known there would be a MLP:FiM thread on AbWrite.
Yes, I'm loving this show. It's an example of character building, worldbuilding, and storytelling done well. It has a lot to offer writers, I think: Lauren Faust said that she designed the six main characters after six archetypes of the female romance novel protagonist. She's also determined to give this children's show continuity, intelligent stories, and moments of real conflict and danger.
This show is epic fantasy, but it sticks a hoof into the superhero genre. All of the main character's special talents were awakened by the Sonic Rainboom -- the 'White Event' of the MLP universe -- and most of them are quite high in power level. We have one pony that's super-strong and durable, a superspeedster, one pony who can control animals up to and including dragons, and...well, and Pinkie Pie, who twists reality around herself like cotton candy.
As for Twilight, she might be the third most powerful pony in Equestria. It's obvious that Princess Celestia is keeping her in a backwater town in order to turn her into a weapon. Friendship is magic, and Twilight is accumulating dangerous quantities of it. But why? There's a lot of epic subtext woven into the plot of this show.
But all that's in the backstory, invisible to the children who watch it. The front story is just a charming cartoon. Great show. Can't wait for season two.