I'm going to be spoilerifically frank for a moment. I figure, if you're looking at this piece anyway, that's ok for me to do. When Applebloom got her cutie mark, I instantly called it for being a dream. But they actually ran the first sequence long enough that I questioned whether it was or not. So that was neat.
All in all, it was a neat episode. There were some good ideas, some fun execution, and great character interaction. I think the feeling of belonging and confidence in the future is something we struggle with at all ages, and it was well handled here. It's always fun, as well, to see Luna in her realm. My favorite element, I must say, was Applebloom's shadow. I was a little disappoint it wasn't some sort of dream parasite or something my mystical, but it made a lot of sense for the story, and I loved all the sequences in the forest. I loved Applebloom's reactions to it over the course of the episode, and I loved the slow reveal. That was some quality work.
MLP:FiM is (c) Hasbro