It looks like a very talented group of bronies are putting together a fan-made game based on My Little Pony: Friendship is Magic. A group named Mane6 from Ponychan has put together a short trailer for the Street Fighter-like game featuring Applejack’s stage and some fighting with two players playing as Applejack. This is a pre-alpha trailer so this is very far from finished. Many of the moves are simply placeholders while they get the physics right.
Some screenshots were released as well. The title bar on the refer to this game as “Fighting is Magic”. Amusingly some of the filenames also include the text “Marevel vs Clopcom”. Yes, please!