Well I watched the first three episodes and to be honest, it's not that bad. sure the first two were a little cheesy but it was well made. My reactions to it (seriously i wrote notes on what i felt at the time for really close results.) I'll rate them by faces at the end of each reaction.
Ep.1
Okay so obviously it starts with a whole story and legend or something, history? yeah history... It gave me the names of the characters and stuff but not so much of their personality... or poniality or however you want to say it... but i guess i should watch episode 2 to find out... overall i give this episode...

not so sure...
Ep.2
The second one finished off and explained more to me so i kinda understand the concept of it. I'll give this one...

still cool... just needs to get to the good stuff... Gave me personalities and more info on it so yeah. i should watch the third.
Ep.3
Well this one actually taught me a good lesson... i think... well you should try and make all of your friends happy. the whole time i was thinking, just ask her to give you more tickets... its as simple as that... Celestia is nice enough to do that. Overall i actually liked this one and Mini_Cacti was right about it getting better later on.... i kinda want to see what happens to them. My rating...

Pretty well done... i mean the characters are awesome and the plot... kind of. and the animation is great! no wonder people like this.
Overall grade for the first impression...

not bad... i should try watching it more.