The remake is here! · 5:53am Oct 6th, 2015
Well, it's a remake in that it uses some of the same concepts, namely a rather good Deviantart gallery of humanised ponies, but other than that the plot's different and there's a bunch of things removed and added, and it should hopefully not be terrible this time.
Find it here: http://www.fimfiction.net/story/292895/the-best-of-all-worlds