It must be seen to be believed. Yes, watch all of it.
I know, I know, there are a lot of really amazing Pony fan films, and a lot of really devoted Bronies out there, and yet this film takes it a little beyond the pale.
Perhaps it is the utter seriousness with which it takes itself, the sublime absurdity into which it delves, or the seeming earnestness it seems to exude - whatever. It's weird. It's fascinating.
Watch it already.
(And yes, I know there are some horrible videos out there with My Little Pony, but the less linked about, the better.)