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It's good for a number of reasons. For one, it's the most successful American 'moe' I've seen, it really captures the slice of life feel. It's also has soul, it doesn't feel like the old MLP cartoons where the entire point of their existence is to sell toys. Note how in the old cartoons half the time is spent with the ponies brushing their 100% silk manes with their friendship-powered plastic comb available in three colors. In FiM, they actually focus on the universe and the characters, branching out their personalities, no more 'OUR TOYS DO THIS TOO' fanservice bs to interrupt the show. Heck, the only Pony that even bothers keeping that spirit alive is Rarity, and that's for the sake of character, not even for advertisement.
tldr: Good show, less BS