If you watch the first two episodes, and pull it apart as a story, it's theatrically a very good opening to a show. Like, if they weren't ponies for eight year old girls, it would probably be incredibly popular among the fantasy genre. It's background story for the first two episodes involves a battle between two goddesses and a prophecy that the "evil" one would return. At the end of the episode one, she does. Episode two, they have to vanquish her.

It's actually pretty epic. A very similar thing happens the first two episodes of the second season, where the god of Chaos who was sealed away escapes and defeats the "good goddess".

Most other episodes are just cute, funny, and character development. But regardless, the show is very fleshed out. Like, on an unnecessary level.

/me not trolling