Put simply, this is the first installment in my Real Episodes series. Here you will find Friendship is Magic (Part 1 & 2) written in the form of a story. Not a transcript.
My Little Pony belongs to Hasbro. Yeah, I know. I had to say it.
Given that I couldn't put everything from the show into writing, I made slight adjustments that make it, in my opinion, better reading. For example, you shouldn't expect to find actual hearts in a character's eyes if they are in love, though the show might have drawn that.

Enough description. Story time.