A state-of-the-state overview of the game can be found here. There is a forum discussion about it (and Them's Fightin' Herds) here.
The final version of the game was to feature 17 characters. It featured characters from the first season of the TV series My Little Pony: Friendship Is Magic.
My Little Pony: Fighting is Magic was a fanmade Fighting Game being developed by Mane6.
