So, we now have an hour-long Christmas special... ...on Halloween. Yeah, I have no idea what was going on through Hasbro's head, but here we are, celebrating Hearth's Warming on the day of Nightmare Night.
Dear Princess Celestia, Today I learned that reindeer are awesome. The mane six act like themselves around the holidays. And that was a nice blanket you gave to Luna. Also, Applejack can hold a grudge. Her moment of happiness was ruining Flim & Flam's business? Filly has issues. Faithfully yours, Dragonbait
I often compare this show to "Oh My Goddess". I consider the two of them to be "sister shows". With that in mind..."Oh My Goddess" had the better Christmas special. "Oh My Goddess" had Urd talking about the special feelings that go into a Christmas gift. It had a simple, yet effective story (Keiichi wants to give Belldandy a ring for Christmas, the ring is expensive, so the rest of the special is him earning money to buy the ring). And it was focused on just one character. This special...too many characters, too many subplots, and a lot of emphasis on just giving or buying gifts without explaning why it's so important to do so. The only real highlights were Derpy's scene (because she finally gets a major role) and Discord's scenes (because Discord is always hilarious).
Sidenote: I was sad when the manga of Oh! My Goddess! ended. I have all of them still. It's the one long running manga of which I have the entire collection.