While I agree to the notion that MLP gets most of its popularity from being a meme, I completely disagree to the fact that it's overrated.
I saw how FiM was growing in popularity on the internet in 2011, so I thought I'd check it out. That instance, my knowledge of the show's existence and my decision to check it out are the ONLY things that connects my love for the show to the internet.
I came, I saw, and I stayed.
I didn't stay for the memes, the internet jokes, or even the brony community.
If I hadn't like the show for what it was, I wouldn't be watching it.
I stayed because the animation was and is gorgeous. I stayed because the characters are charming and extremely memorable.
I stayed because it's adorable!
The internet memes could die, the brony community could fall apart (unlikely) and the forums could be taken down...
But since MLP is a genuinely wonderful cartoon, I would still be there, every Saturday, eager to see the new episode.
Just as I was with my old favourite cartoons... coming home from school so excited to see Code Lyoko or Robot Jones on the T.V. because those shows enraptured me, and I was attached to the characters as if they were good friends.
There are cartoons that lit up our childhood, and put magic and creativity out there to inspire us... to be artists, singers, voice actors, animators, writers...
This amazingly well-done cartoon is no different. It may be loved for the wrong reasons in some cases, but that doesn't make the show overrated as a whole.