I saw the episode yesterday, and I enjoyed it quite a bit. The intro sequence was a bit confusing for me, as I haven't seen many season 2 episodes yet and don't know the story between the two baby dragons. But that didn't matter too much, because next up was an extended musical scene! One of the better ones in the series too; I'm still surprised by the fact that there are still cartoons today that have musical numbers that aren't absolute trash! In fact, I'm now going to listen to the song from this episode again while writing the rest of this post.
... Awesome! Okay, so, the rest of the episode. To be honest, the song number sort of overshadowed everything else for me. That's not to say there weren't some hilarious moments, though. The line, "this donkey is really, really, bald!" had me laughing out loud in particular. A large chunk of the episode's run-time was dedicated to Loony-Toon style antics, and it was fun to watch the animators try to out-do themselves in getting across the manic nature of the enigma which is Pinkie.
I guess my only problem with the episode was the pacing. It officially starts with a 3 and a half minute song, and the rest focuses almost exclusively on two characters and their butting heads; despite the chase scenes, quick editing, and inclusion of even more song, its very slow paced, and perhaps a bit uneven as well. The episode felt padded, as if there wasn't enough time to tell the intended story, there wasn't enough story for the required time. I'm sure the plethora of songs included in the episode had something to do with it either way.
To me, the episode felt less like a TV show and more like a short stage-play, right down to the musical numbers. Which isn't a bad thing, really, but its not what I prefer, I guess. Other than that though, it was a solid episode. I just don't think it'll end up being one of my personal favorites.
Except the song. That's definately going into my mp3 player.