After immediately watching the first episode, I didn't think I liked it, but after watching it again immediately afterward, I've grown to say that I like it more than The Mysterious Mare Do Well, but less than The Cutie Pox. I enjoyed it too a point, but it's not an episode I'll get excited over anytime soon.
I mostly didn't like it the first time because I thought the lies Rarity made would blow up in her face spectacularly, but it didn't really. In fact, Twilight and her friends were really understanding about what Rarity is doing and that helps reinforce why they're such good friends.
The animation in the episode was really good, in my opinion, particularly what they did with the mouths. The mouths are really starting to grow on me, in that there's a lot more variety and more expressions they can pull off with them compared to season 1.
The song, I wasn't too sure at first. But by the end of it, I loved it. Rarity singing is always good, especially with that singing voice of her and her cute and pretty outfits!
If there's one thing I've learned through this episode, though, it's about the nobility and upper-class ponies of Equestria, particularly in Canterlot. This was hinted at in Green Isn't Your Color and The Best Night Ever, but the nobility and upper class ponies of Equestria are nothing but a bunch of shallow-minded, self-absorbed sheep that immediately follow the flock and go with anything said by a pony of very high status. The two main antagonistic ponies of this episode (their names escape me, even though they were mentioned at least twice in this episode) are the best examples of this: laughing at Rarity and her friends status as Ponyville citizens and mocking Twilight's outfit, only to immediately flip-flop their stance as soon as Fancy Pants said it was nice. That's part of why I like Fancy Pants, he's actually able to think for himself and make his own decisions, and accepts Rarity because of her amazing talents, even if he did only give her a second glance because she has ties with Princess Celestia.
That's another thing I've learned, the nobility and upper class of Equestria don't care about the world around them. They're like the Upper City people of Skies of Arcadia, so entranced with their social life and status that they don't even notice if the world is falling apart around them. Hence why none of the ponies there immediately recognized Rarity or any of the other Mane 6 as the heroines that defeated Nightmare Moon and Discord. I'm probably overthinking this, but I prefer this explanation as opposed to the more likely explanation that the writers didn't bother to think that the Mane 6 should be world-famous heroes by this point.
Speaking of world famous, Photo Finish and Prince Blueblood appeared in this episode but not Hoity Toity. That's strange, considering that he's the who gave Rarity her big break by featuring her designs in his "Best of the Best Boutique in Canterlot". In fact, that's another weird thing, don't these ponies realize that she's the one who designed those awesome dresses? Well, given the fact that their self-absorbed and only follow/buy what's popular, they were probably blinded by arrogance to notice it's her, and probably wouldn't have worn/noticed the outfits if someone of higher standing didn't wear them. It doesn't matter, as I see it, that probably would have distracted us form the main point, anyway. Still, disappointed to see no Hoity Toity.