Or at least we can only hope!
Little is known about the mod at the moment, but it looks promising. It is currently going as “MLP: Fighting is Magic“, a working title which will likely stick.
The mod/dev team, dubbing themselves “Team Mane6″ have a rather brief FAQ, and if they deliver what they promise (and hopefully support GGPO) we’re going to have one of the most popular underground pony fighters in recent history. At least if this isn’t one huge troll!