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Yeah it's a shitty show, but if you take out the bad parts there's a lot of really awesome stuff in it. Normally when you take those commercial shows and take out the bad parts there's just nothing left at all. But with MLP, even when you ignore the somewhat psychopathic inability of the writers to come up with a convincing argument for the moral of the day, or the fact that Ingram really is a talentless hack and half his songs are awkwardly delivered and contextual as fuck, or the stupid amounts of executive meddling that make the show take complete 180 degree theme shifts for no apparant reason, or nobody on the production team giving one single fuck about continuity, or the general lack of attention to quality to the point that they even get the puppets for the fucking main characters mixed up all the time... you still have ponies. You still have a colorful world full of life and wonder. You have an unexplored frontier, the delightful neurosis of a small town, characters with personality and depth that you can really respect and identify with, and occasional breaks from even the above shittiness to produce truly awesome moments. You have surprisingly dark themes with genuinely upsetting and horrifying things going on that you'd never see in a Disney movie. You have humor that isn't too cartoony, while not being too serious either.
So, yeah the show is shitty, but mostly because it's a big budget affair and because corporates ruin it with their copyright faggotry. So once you take that away, there's so much good in it that it inspires non-shitty stuff. Non-shitty stuff that's more awesome than J "Racism" Tolkein.
And even with the show being shitty, you have the only fucking example in fucking existence of a fantasy story that doesn't star humanoids. Until you can point out where I can find my magical land of fantasy animals that isn't MLP you can't say this show has no redeeming value, because there is just nothing else that even comes close to capturing the milieu of its setting.
Closest I can think of is that shit quality Pokémon Mystery Dungeon short, and even that starred a freaking biped.