@Fifths:
Awesome.
Good to see some music about best race.
@Dac:
Alright…
Animation: I think the show excels in the animation, given they're usage of crowds, movement in the background, etc. They don't focus solely on the main part of the scene, but have additions, little bits that add together, and small details (zoom blur, panning, etc.). While there isn't a lot of shading, to be fair, the show is rather bright and the models don't look crappy due to it, this leads to shading being neat when it is present (that shot in Putting Your Hoof Down). While it's true the body models are usually the same, it's made up for the sheer amount of ponies that are used consistently. We can have background characters with deep personalities because the characters are used over and over again, instead of making random ones.
Music: I would put it around on par with Disney, because the VAs are usually fairly good singers. Rarity could make many princesses cower in shame with her UNHOLY! SINGING! TALENT!!! ahem And, beyond the singing and all of that in the songs that you are meant to hear, the background music is amazing. Take a listen to understand:
The music doesn't all stick to the happy cheery stuff, with heavy riffs, guitars, etc. in the background as the scene calls. This helps subconsciously lend to the effect of the scenes, while usually going somewhat unnoticed.
Characters: The characters are fairly exceptional, in that they have believable personalities that you could find in real humans, and generally stick to them. They also face believable development, change, and react like a living thing would be expected to (sometimes a human reaction, sometimes a horse reaction). For an example, Fluttershy is usually timid and afraid, but becomes boisterous when around animals (trying to help RD find a pet) or when her friends are endangered (the dragon). She also has the timidness and anxiety from a believable source, helping put the point across. And she's the characters most people consider flattest and least interesting.
Writing: I guess you could say this is the weakest part, but I think it's fairly good, considering it isn't a show driven entirely by the plot, and more the interactions within it. It's not really fair to compare it to LoK, which is entirely plot-driven, and is impossible to watch in random order. MLP is possible to watch in more-or-less random order (the character development will be iffy) because it's plot, story, and writing work in a different way. That considered, I would place LoK's writing above MLP's, but that's to be expected.
Voice Acting: Tara Strong, De Lancie, Andrea Libman, and Tabitha St. Germain.
'Nuff said.
Edit: @Muffinator: Dude, I don't want to fuck Celestia.
GET AWAY FROM ME WITH THAT NOTEPAD AND COACH, VERBOSE! STAY BACK!