Ponies should be horses. And horses don't wear make-up and have heads bigger than their bodies.
This is one of the biggest disappointments to me, the way they have excised everything remotely "horsey" about the line. Yes, G1 ponies did have some anthromorphic tendencies, like making cakes, singing songs, and talking, but they were still definitely horses. You look at the old backcard stories and they are GALLOPPING, WHINNEYING, PRANCING.
The whole reason that pony + pastel colors worked to begin with is that girls like horses. (For example, there are multiple "series" books focused around horses, targeted at girls.) Now Hasbro has not only rejected the slightest bit of horsey behavrior ("Ponies aren't ponies, they are six year old giiiirls!" :doh5B15D
, but they don't even resemble horses any more.
I think they are going for a "baby doll" look with the grotesquely enlarged heads and the pug dog noses, but the appeal of MLP was while you did have baby ponies who could be "ready for a nap" or put in a wagon, you also had the adults who were ready for adventure and excitement. That was why I loved the line as a little girl. That and the magic/fantasy element.
Whether these ponies sell well or not, I feel badly for little girls, whose choices are limited to a cotton candy world where nothing ever, ever goes wrong and everyone is ZOMG best friends forever (current MLP and Strawberry Shortcake) or a world of "adult" fashion with pouty lips and come-hither eyes (Bratz.) What happened to the in-between stuff? You know--the toylines with characters who are adult in the sense that they're independent and can take on challenges and will fight for what they believe in, not adult in the sense that they obsess about their wardrobe? (The only mainstream girls adventure-based toyline I can think of offhand is Dora the Explorer. I guess maybe Barbie to a certain extent now that she has movies.)