I'm not the best at explaining things, because I'm terrible at coming up with reasons, but I'll try to explain why I like it.

Several things factored my interest in it. For one, a huge amount of people were interested in it. That led me to wonder what all the interest was about. So I asked questions. Got answers. Watched MLP: FiM. Enjoyed it. And it didn't feel weird.

Another reason I like it is because of how much I can relate to a few characters, and their wonderful personalities. I relate to Fluttershy the most. They're just great at creating some fairly believable personalities.

Yet another reason is that most of the episodes have great storylines and I can't really explain it as well as I'd like to. Some episodes aren't as great, such as the first two, which really aren't that good.

Finally, I find some of the episodes quite heart-warming, and I find them great to make myself feel better when I'm feeling down.

And that's why I like it.

(P.S. Pinkie Pie is best pony)

EDIT: I also agree with Waffles.

Peer pressure kicked it off, and I continued liking it because it was way of saying no to the MANLY stuff, and liking a show with an actually good plot, and with morals that aren´t forced, but weaved in. It´s a much better story than most of today´s movies and books, and it makes me fee like I´m part of soemthing, a global movement of bronies who want to spread kindess and tolerance. MLP is a preaching of positive emotions, albeit in a thankfully secular way.

It´s also a way of rebelling, if you knwo what I mean. Standing up for kindess through the message of cute ponies. Soem might consider it part of the New Sincerity, an antithesis to cynicism and irony. I think it´s all the same thing.

You´re right Impulse, Pinkie Pie is the best pony. Derpy is still the coolest.

• It's awesome
  
• It's awesome
  
• It's awesome
  
• It's awesome
  
• It's awesome
  
• It's awesome
  
• The animation is fantastic
  

• References. Most recently to King Kong and Godzilla, but even the Sondheim references from Art of the Dress and At the Gala, the Spiderman references from Mare-Do-Well, the Majora's Mask reference in Lesson Zero, and the Copland reference in Applebuck Season and Benny Hill references in Ticket Master and Bird in the Hoof. Whenever I notice one I can't help but laugh, and also feel pretty good about myself for having caught it.
  
• VAs. Cathy Weseluck and Andrea Libman I had both heard before from Gundam 00, and Madeline Peters and Tabitha St. Germain both did voicing on Martha Speaks.
  
• Music. Much better than the stock music that gets repeated over and over in most kids' shows, even the good ones. Every single episode has amazing BGM courtesy of William Anderson, and Daniel Ingram's songs are fantastic. (Side note: he worked on Martha Speaks, too) Which brings me to...
  
• Remixes. Orchestral, metal, dubstep, eurobeat... practically every genre is covered by the fandom, even when it seems like it wouldn't work (see: At the Gala (Finale Mix))
  
• Original Fan Music. A lot of the original music captures the spirit of the show amazingly, and some adds levels that you wouldn't see in Daniel's music. Beyond Her Garden and That Girl add depth to Carrot Top and Blues, respectively, and Sister Hate is a really good synopsis for Sisterhooves Social, as well as a good standalone song. Then there's Not A Clever Pony and Eurobeat Brony, who both add depth to Luna with Princess Luna: As Imagined and Luna (both of which have spawned tons of remixes themselves). StormWolf's The Beginning of Order details his headcanon of Celestia being in the wrong when she overthrew Discord really well.
  
• Fanfics. Kkat and Jetfire both write amazingly well, with Fallout: Equestria having 43 chapters, each easily 10,000 words long if not more, and It's A Dangerous Business, Going Out Your Door not only providing a good story, but an emotional journey for Dash, AJ, and Rarity, and never having an out-of-character moment. Pen Stroke is also a great author, with Better Living Through Science and Ponies being one of the best crossovers I've read and Past Sins, where Nyx, first introduced in Creeping Darkness, really shines as a character as she grows from a scared little filly into one willing to protect others even if it nearly kills her.
  
• Fanart. Oh, there is so much here. John Joseco, Solar Slash, Rai, Willdrawforfood... The amount of fanart produced by this fandom is massive, and so much of it is amazing. The pony blogs show this in great detail: many of them have their own style, Rai especially with Ask My Little Chubbies, but are still great, and have spread throughout the site, judging by how just about every pony blog there has had chubby Rainbow Dash crash through now. Seth said it himself; at first he had trouble finding 20 pictures for Drawfriends, but now they easily get upwards of 40 pictures a night, sometimes even up to 60.
  

But, you know, whatever you want is fine...

As for reasons why I first watched the show, I saw my brother watching one day and decided to watch too. I had already seen some ponies on the internet, but I was mostly "oh that's nice whatever" and kept browsing, but when I saw my brother watching I decided to watch too since it was there and I was wondering.

Funny; I seem to have been more open-minded than most people. Of course, I still watched Arthur for a long time, too, so that might be part of it. Especially that Love Ducks episode...

I LEIK PONIES

Oh wow major reasoning and deep things going on here.

..

I think I'll just second Choles' statement. I do leik me some ponies. (And voice acting, and animation style, and a bunch other things.)

It makes me feel good during bad times.

That's all that I need to say.

Alright, so it would it be wrong to saw you all were drawn in by it's positivity and fanbase?

I was drawn in partly because of the positivity of the show, and partly because of the fanbase, but the positivity OF the fanbase also helped. While there are always fans who like things for all the wrong reasons, the majority of the MLP fanbase is welcoming and appreciates the show for what it is. It's a charming contrast with many fans of other things, where fans grow to think they know better than both the other fans and the creators.