I've seen all the episodes and I love it. When I first heard it was coming I thought it would just be a bit of low-quality Pony that would fill the gap for me between generations 4 and 5, but it's turned out to be much better than that. It's delightfully mental and entertaining, but it was always going to rub a lot of Friendship is Magic fans up the wrong way in the way that Equestria Girls did. Maybe even more so. You just have to watch it without expecting it to be Friendship is Magic.
I think it has a lot of under-appreciated inventiveness and a real comedic heart among all the craziness. That said, I do think the earlier episodes were better - the show seemed to lose something halfway through. The thousand-miles-per-hour pacing, which in the early episodes reminded me of that in Star vs. the Forces of Evil, also seemed to slow down in the latter episodes, or maybe it just seemed that way because I'd got used to it. I'd have to rewatch it all to see, but they really seemed to be much faster paced earlier on. The first episode in particular seemed to go all-out with the insanity as if the writers were letting us know that this super fast craziness is what the show's all about.
Really looking forward to seeing where they take this show in season 2 if and when it comes.