I'll echo the same thoughts here I posted on another forum...
Before I get into what I thought of the episode proper, it's amazing how what outsiders would perceive as a young girl merchandise show has been so consistently entertaining this season, and more entertaining than 90% of the other animated shows currently produced. This season has had only one real dud for me, with the rest being good, to great, to simply amazing.
This episode was one that I thought was pretty good after one viewing, and then even better the second time around. I've seen some enjoy either one plot or the other, I liked them both. Rainbow Dash's facial expressions stole the show when she tried to avoid her friends cheering her up (and her horse neigh after "losing" at the board game cracks me up every time) and the Daring-Do adventure segments were stylish (down to the faux film grain) and entertaining.
I also love the "squee" sound effect when one of the ponies smile big, and we got two of those in this episode. The barking pony in the very entertaining chase sequence was amazingly awesome in its randomness.
Episode Ratings for Season 2:
(A) The Return of Harmony, Lesson Zero, Luna Eclipsed, The Mysterious Mare Do Well, Sweet & Elite, Secret of My Excess, The Last Roundup, Read it & Weep
(B) The Cutie Pox, Baby Cakes, The Super Speedy Cider Squeezy 6000
(C) Sisterhood Social, May the Best Pet Win, Hearth's Warming Eve
(D) Family Appreciation Day
(F) None So Far