TVrips is the fastest format to come online with a correct quality, its not as great as iTunes ponies, it has watermark, doesnt have 5.1 audio for the majority and it has more mpeg artefact/noise than iTunes ponies, Those are the ponies you search if you want to watch it during the weekend, as iTunes episodes appear at monday since the Season 4.
Those are still some of the best TVRips version still maintened today, if you want to watch a TVRip, this is definitively the way to go !
Season 1 was encoded by Mentos.
All other seasons and currently released ponies are encoded by Spazz !