I actually really like the show! To me it is sort of like Invader Zim. Yes it is a kids show, but the characters, pacing, and animation have this "off" sort of quality that makes it unique and enjoyable. Yeah you also have to get past some of the stuff that is either dumbed down to kid level and the "moral of the day" that every episode has, but the ride there is fun and comically self aware of its potential appeal to non kids.
In the first episode when Fluttershy first sees the dragon I was like "...I swear to God I know her..." and immediatly called a friend of my and told her "Trust me, you gotta watch this.."
This thread couldnt have been more perfectly timed, as I just discovered this show last night at like 10pm while randomly surfing Demotivational Posters. I wish I knew how to embed pictures in these so I could share it.