Rainbow Dash all the way. I didn't like her at first, but having seen all three seasons I just can't pick any other character over Dash. In season one and two we saw her mostly bragging about her skills and, to be honest, being really annoying from time to time. However, in the third season, her character really seemed to develop. We've seen her preferring the safety of her friends and other citizens over the goal of being a member of the Wonderbolts, and in 'Sleepless in Ponyville' she even showed her emotional side. I guess by now I could easily ignore this development of her character, I simply love Dash and thus she's my favourite character. There's just not a single episode featuring her I didn't enjoy.