I believe season 4 of my little pony started of with a bang, but over the journey, hasbro has made a few mistakes. For one, I believe their were too many spike episodes. Not only did his presence over take the importance of the Equestria games, but he essentially ruined 20% of the series. On a lighter note, the series did have some interesting qualities. For example, they made good use of the story plot to make some interesting character developement with most of the characters, but executed the strategy poorly like they did with fluttershy and the breezies. But through all there blunders and mishaps. This season is definitely the best season yet.
I didn't have any problems with it; there was definitely a lot of continuity, with events from past season revisited and explored in more depth. One thing I still wish they would do is create a multi-season, returning villain. Introduce a villain during a season opener, struggle against him for a season right up until they nearly prevail, and then just barely fail. That season could end by keeping the resolve of the main characters to stand together as friends against their new adversary, and also viewers and investment in the events of future seasons, possibly building up to a future season finale with twice the usual amount of emotional investment.