It does the fans of My Little Pony: Friendship is Magic a disservice to dismiss the entire thing as a meme. Does it have memetic aspects? Yes. Has it spawned memes? Yes. Do some "fans" treat it solely as such? Yes again.
But there's aspects of this show that defy the bounds of traditional memes. There is no thriving community for fans of Chuck Norris jokes. There's very few artists who specialize in Nyan Cat models. Like it or not, My Little Pony is more than a meme. It's a fandom, built around a series that continues to entertain with smart humor, detailed art, and colorful characters and stories. And as fandoms go, it tends to be one of the most welcoming and positive I've seen anywhere on the web. So keep on waiting if you expect it to run its course like most memes do. The MLP fandom is here to stay.