I quite enjoyed the episode. I like both Rainbow Dash and Pinkie more now. Twilight's still my fave, followed by Applejack, Fluttershy and Rarity.
I do hope the show continues to have actual villains. Or a big quest. Something more than just cutesy fluff. And I want more Spike!
As for the stylized look, well, I don't see it as being that different from the past styles. Even the original ponies don't exactly look like Breyer horses. They've always shortened the muzzle and enlarged the eyes. A real horse's head is so long! Even G1s don't have that. They're cute and chunky and kid-appealing.