It's pretty cute - the animation is smooth and colorful. The moral is delivered clunkily, with the characters actually narrating what they learned, but I'll let it slide because it's a kid's show. It's the only episode of the show I've seen, but I liked that all the characters had clearly defined personalities. I can definitely be a bit of a Twilight Sparkle myself.
I don't think I'd watch My Little Pony: Friendship is Magic by myself like a brony, but there are certainly worse things I could watch with my niece.
Do you spend any time with kids? What shows do you like to watch with them? (Or movies - I just don't think about the movies much because my niece won't sit through one. Oddly, my nephew will and he's the younger one.)