I have to say, every one of the ponies have their own beauty. Personally, I pick Applejack to be the most beautiful in both looks and personality. Her designs are simply unique, and her brown stetson is part of her charm, not to mention her devotion to it. Also, her southern drawl is quite charming.
Fluttershy may be the cutest mare in the poniverse, but not exactly "beautiful", though her compassion is inspiring indeed.
Rarity's snow white coat and elegant amethyst curls may possibly make her the most beautiful pony, and her eyes are very regal, too. But one thing I can't place my hoof on makes her on my so-so list.
Twilight's adorkable, and she's very mature(I love it). But, recalling Feeling Pinkie Keen, we can tell she does not believe something so incredible without logical, scientific proof, which is a bit of a downside, considering science alone cannot solve everything.
Rainbow Dash has a rather rasp voice with voice cracks, which makes the impression of a tomboy. Her prismatic mane is beautiful, though a bit too overwhelming to me. Her brash attitude is attractive, not to mention her confidence. Though one thing RD lacks is sportsmanship, a rather negative trait.
Last but not least, Pinkie Pie. She's everypony's favorite party-pony, her bubbly and cheerful attitude perking anypony's mood up. Her bouncy carmine mane represents her personality very well, and so does her balloon cutie mark. One thing though, is that she may be trying too hard to make somepony happy, and she burdens herself trying to.
I typed too much, am gonna stop now.
mpooooooooooooodssss