What is so good about this show?

Well Vast, it's not for everyone. It's a cute show with nice animation and character/environment designs. It's funny sometimes, contains references for older audiences, and just sort of 'good clean fun with life lessons attached'.

The fandom is great too.

Also, the first two episodes, while I always recommend them as a starting point (they introduce the characters and the point of the "Letters to the Princess" bit), they're not generally considered the strongest episodes for getting new people into the show.

Sonic Rainboom, The Party of One, stuff like that would probably be better to recruit people. Party of One in particular is something I was a bit surprised was approved for ~6 to 8 year olds. Then again, kids these days >_> Though then again...again? Loony Toons was a bit wacky back in the day.

in all honesty, i love the fandom more than the show. im not going to say the show sucks, or that its even mediocre, but im not going to say its the best thing since sliced bread, either. its a good show, and gets a few laughs out of me, but i think glorifying the show might be just be going overboard. thats the sort of thing you would see from a hardcore fan, and i doubt anyone on neoseeker is a hardcore fan. which IMO is a good thing. it means none of us are your commonly depicted drama queen fans, that others like to point out all the time.

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Though then again...again? Loony Toons was a bit wacky back in the day.

yeah, but its shown that kids become more and more of pussies as a function of time.

I've long since passed the point where I wouldn't mind at all if the show ended, because the fandom has come so far.

Very broad, vague overarching story.

Some episodes are two parters, but almost all of them stand on their own completely.

quote Vast

Okay, I might give some of those a try.

Also, does the series follow an exact story line, a long-term story line with filler and random side crap, or are all the episodes kind of stand-alone like normal cartoons?

the show has a hybrid series/episodic story to it. the episodes in each season can stand on their own, but the seasons follow a series. while its fine to watch episodes out of order within a season, its best to watch the seasons in order.

quote Shadow of Death

I'd say, more specifically that there are KEY episodes in the series, and they should be watched in order for continuity's sake.

IE: For season 1, perhaps....

S1E01+02 - Intro
S1E03 - Ticket Master (Season Finale Prequel 01)
S1E12 - Call of the Cutie (Introduces the CMCs, regular feature in the show)
S1E14 - Suited for Success (Season Finale Prequel 02)
S1E15 - Feeling Pinkie Keen (Not really essential, but relates to Pinkie Pie's weird powers)
S1E16 - Sonic Rainboom (Explains the origins of the Rainboom. which is a recurring thing)
S1E23 - Cutie Mark Chronicles (Optional, but is backstory for the Mane 6's cutie marks)
S1E26 - The Best Night Ever (Season Finale, finishes the 3 part sorta-arc with S1E03 and S1E14 being precursor episodes).

I'd say the show doesn't bother with continuity of the non-overarching plot episodes. IE: Ticket Master, Suited, and Best Night would probably be the last three episodes of the season, continuity-wise.

Basically, anything written by M. A. Larson (google his eps) are good episodes.

Oh and S2 finales.

I like the show because, once you get past the stigma attached to it being a "show for little girls", it's really well-produced. It's cute ponies, but it never feels cheap. Some cartoons can descend into stupidity, or just crappy humor that can be a little offputting, but MLP always feels... "classy", I guess.

The characters all have distinct, well-established personalities, flaws, ect. you can relate to them sometimes, and you feel like you're actually watching real minds interact, rather than just a caricature personality riding the plot. It's engaging, and you can invest emotionally in the characters because there's always something happening to them.

For me, I find it simple and refreshing. There's no swearing, or violence, no confronting subject material that you might see in something like Saving Private Ryan. You can just relax and watch it. It'll make you smile, and the humor somehow manages to be both frequent, and tasteful and witty.

I'd definitely recommend Sonic Rainboom. Try 'A Bird in the Hoof' too.