Depends. People like the show because of a plethora of different reasons -- including character depth, growth and interaction, the stories, humor, music, morals and message, art style, etc... -- all things the show excels at, but in my experience all these reasons have different weight for almost everyone. So I guess you have to ask yourself what it is that you want from the show. Humor and morals are fairly consistent throughout all 3 seasons, but I think that stories and character growth really pick up in season 2, building on the framework of season 1. Have you come to the episodes with songs already? Because you're missing out if not. The first big song -- "Winter Wrap Up" -- is in episode 11, and many Bronies I know have said that this song was the "point of no return" for them where they were sold on the show. And believe me, it's just getting better from there. What I find most remarkable about the show is the characterisation, though. When watching the show for the first time, somewhere in the middle of season 1 there is a moment where the characters stop feeling like names from a script that were created to entertain you, and you begin perceiveing them as almost real people. You CARE about them. You FEEL for them and with them, and I know of few other shows that manage to do that. Another point is relatability -- almost every fan of the show I know has one character he or she can REALLY identify with, because the show manages to have such archetypal characters -- the nerd, the shy one, the cocky one, etc -- but still portrays them as deep and interesting at the same time. Regarding your question whether later episodes might be more enjoyable, I'm not sure. I definitely think that the later episodes are better, but mostly because they advance the characters and the world they live in more than earlier episodes, which are still building the framework and introduce you to who these characters are. There are many subtle callbacks and unspoken references to earlier episodes that are in my view not as enjoyable when you don't know the characters and their world as well. I think you should watch the episodes in the right order because I think the whole experience is much richer this way. But if you do not care about character progression and world building that much, I guess the order is not that important. If you want some excellent episodes from later in the show, I can recommend "Party of One", "Lesson Zero" or "Sleepless in Ponyville". If those three don't hook you, I'm out.