My Little Pony: Friendship is Magic as you know it doesn't exist. Instead, the world and the characters are all part of a custom Dungeons and Dragons campaign. The six player characters - playing the six main characters of FiM - are completely new to this world of ponies and magic, which the DM completely controls.
It's the same premise as Shamus Young's DM of the Rings, which portrayed the Lord of the Rings film trilogy as a D&D adventure. The Comic Irregulars are doing the same thing with the Star Wars films in a webcomic called Darths and Droids.
The game being played at the core is 4th edition Dungeons and Dragons, but with a few custom rules thrown in to account for the unique elements of the setting.
The art of Friendship is Dragons is taken from screencaps of the show, put together in Comic Life 1.3.6 for Windows. The comic updates according to a regular schedule, every Tuesday, Thursday, and Saturday at 6:00 AM Pacific time (GMT-8).
Newbiespud is an aspiring game designer and writer. If you wish to contact Newbiespud, send an email to: firstname.lastname@example.org