I think it's a good show. It's not for everyone (but then, what is? Other than air, water and food), but it has the (very realized) potential to be enjoyed by anyone.
Part of the enjoyment comes from the fact that the show is based on arguably the girliest franchise ever, and subverts nearly everything you would expect. I watched some of the older incarnations to gain some perspective, and needless to say, skepticism is very much justified. But when you expect this:
http://www.youtube.com/user/pensivepony#p/u/26/FYe0TYn6bzk (Warning! Prolonged exposure may be hazardrous to your health)
And get this:
http://www.youtube.com/watch?v=_AnOrDKjTwQ
...any perspective you thought you had is completely shattered. "My Little Pony" is not supposed to kick ass. I should not be enjoying this. Ponies should be having tea parties and doing each other's hair, not finding artifacts to slay evil, kicking manticores in the face, and breaking the sound barrier. Everything I know is wrong. And I love it.
People love applying labels. You like something others like, you get labelled a sheep, Regardless of intentions. If you like things others don't, you get labelled a hipster, regardless of intentions. What strikes me is that Bronies are simultaneously labelled sheep and hipsters, which, as I understand, are polar opposites. Quite frankly, the needs to both fit in, and remain an individual, are part of what makes us human, and I don't think writing things off as "For hipsters" or "for sheep" is entirely fair. Now I remember where I was going with this. Enjoying ponies affords both a sense of individuality, and a sense of community.
There are those who feel that this whole thing is just a fad with no value behind it, but I don't buy that. The internet is not a schoolyard; (although you could be forgiven for confusing the two) you won't get beaten up for not playing Pokemon. Yes, following a trend means getting to be part of a group, but if you don't actually like what the group is into, you're not going to get much out of it, and there are plenty of groups out there dedicated to things you do enjoy. Kind of like how a Halo: Reach fan won't get much out of a MineCraft forum, or vise-versa, even though they're both very popular games.
Oh, and the show has good writing, well-rounded characters, fantastic animation, and although you can generally predict the endings, the actual execution still surprises me.
Man, I'm just in TL;DR mode today.