You have to pick:

Embarrassment and/or prejudice aside, the My Little Pony option is actually far more practical. My Little Ponies can speak, are more physically flexible, and are a more convenient size for interacting with ordinary humans and human structures.

THIS WOULD BE AWESOME.

Perhaps. Becoming a unicorn would give you magical powers and becoming a pegasus would give you flight. But an earth pony? All they get is pity. ;)

Either way, you'll be a freak (seeing as talking colorful ponies are not normal in real life). The unicorn might be worth it. The pegasus I'm a bit more dubious. Earth pony - that would suck.

So you're taking a risk.