A vocaloid PMV? Well, let's see how it is...
Okay, I don't like Vocaloid. I can't stand that Japanese computer wailing. But that shouldn't affect my ability to appreciate a PMV, even if it does affect my enjoyment of it. And, at first glance, there is a lot to appreciate here. It's a nicely edited, gorgeously animated PMV.
Except that's not credit to the PMV. This is a very faithful remake of the original Vocaloid video. There are very few differences-the characters have changed, the style has changed slightly, two of the animations have been changed into the pony style, and there's a filter over it that makes everything look more desaturated in colour. It doesn't add very much to the original video, and in my opinion it actually looks considerably worse. However, that is a stylistic choice, and it's debatable.
I actually played these videos side by side to search for differences, and there were very few. The characters were just shoved onto this animation, regardless of if it made any sense. I don't know if it's because I don't know anything about the Vocaloid characters, but they seemed a bit more fitted to their roles than the ponies here. But, like with the filter, that's not the main issue. The main issue is that this version is pointless. Why watch a slightly inferior version? Sure, maybe you'll get a kick out of this from how cleanly the Vocaloid characters were replaced with the ponies and from the one or two changed animations. But I still suggest just watching the original instead.
The video does just enough that I can't call it the worst possible outcome of ponification-that still belongs to that Dumb Ways to Die ponification-but it's pretty close. Maybe I'm making it sound worse than it is. It's not terrible or frustrating, there's just no real reason to watch it. It's just kinda pointless. That said, it is based on a pretty entertaining video, so I will suggest watching that.