In one hand, it's cheesy. Like, really cheesy. And Luna is kind of a great deal in those, but then she never appears again until Season 2.
Other than that, it's a good introduction for the series, has a good excuse for the "happening of the day" episode style and Twilight's character actually develops as a character.
Also, how many times do you see the typical "feud between omnipotent brothers" end up with a hug and complete forgiveness, without any of them dying? It was heartwarming.
Goddarn, I'm a complete Brony. :00041: