One of the weaker episodes in my opinion watching it the second time, it just made both Rainbow Dash and Applejack seem like idiots. Oh yeah let's stand here and talk to each other and Twilight for half an hour while we are trying to race. Pinkiepie was actually the best part of this episode she had the best character development here.
This is one of my favorite episodes, if only because it centers around my two favorite ponies. Like what was said above, not much happens in terms of development, but I found a lot of the idiocy between Dash and AJ to be humorous. It has a lot of the old school cartoon humor in it, and that kind of stuff always makes me laugh, even when I'm having a bad day.