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As someone who actually likes the show, and hangs out in the threads, stealing animated .gifs and Derpy Hooves fanart, I really don't see exactly what the big deal is.
It's a fun show. It's obviously made with love, and lacks all of the annoying garbage most kid-oriented shows these days have. Pinkie Pie, as hyperactive and crazy as she is, is less irritating than most of the other "WACKY" characters I've seen. These are all good things.
But, not including the most recent episode with Fluttershy (which I haven't watched yet) Applebuck Season is really the most entertaining episode. That, and maybe the Ticketmaster.
Gilda's episode was annoying because Gilda herself was annoying. And I know she was supposed to be a bitch, but I didn't find her entertaining.
Trixie was a fun character, but those two retarded Unicorns were annoying, and the animation felt a little lacking.
And then there's the general fact that it IS a kids' show, and every episode ends with a Valuable Life Lesson and they tend to reiterate things and repeat themselves, so that the kids can understand it.
I mean, okay, the characters are endearing enough, and you guys are always making porn of everything, but it seems to me that some of you guys are a little more into this show than anyone really should be.
And this is coming from someone who's hunting down the toys.