Well, here it is, the last episode of season three: [link]
My feelings are... mixed. On one hand, it has some cute and even lovely songs, the animation is good, but the plot seems rushed. And why did the Mane Six not even question why everything went so badly for them if these were their 'destinies'? Heck, why didn't any of the other ponies in Ponyville point out something was wrong? (Though I did enjoy seeing the animals go all 'Lord of the Flies' on Rainbow Dash; and I half expected the bear to toss one of the squirrels into his mouth when told to 'grab a snack'...)
Also, and I'm not even sure just why, but this almost feels like an episode from another show entirely in so many ways.
And I swear I still think this was originally intended as a series climax, but the Hub decided to milk this particular cow until it dropped dead, and thus we'll be getting season four. And they will probably be getting some amazing episodes dealing with the fact that Twi's friends are now buddies with a demigod, as well as whatever new responsibilities are coming Twilight's way because of her alicorn-hood.
It's not BAD, I laughed more then once, and yet somehow I just kept getting the feeling that 'this could have been even better'. Never mind, probably just fanboy grumbling.
PS: Please remember, that link leads to YouTube; so do yourself a favor and don't read the comments.