My Little Pony: Friendship is Magic - Something we thought so horrible might actually be good?

Yes, it will be decent. Some parts will be cringe worthy, while others might be genuinely fun to watch (such as the aforementioned lack of proper etiquette on Twilight's part).
To me, this presents an entire different problem: no one will be able to agree on what to think of it. Some people will like it, others will dislike it, everyone will argue.

As if we didn't already have enough to start flamewars about.
Princess Twilight, I'm looking at you.

Does the fandom have a gameplan in case this doesn't ruin everything forever? OR are we gonna be like the guys who made bomb shelters for 2012, and felt disappointed that they were still alive?