Things aren't going well for Twilight. Celestia seems to be upset with her, things are starting to make less sense, and she keeps seeing that face in the mirror.
Applejack tells you her only secret. It is about a hole. The hole in her face. The breathing, living hole in her face. (Inspired by the cover image and a recurring dream)
Princess Luna tripped and fell while dreamwalking, causing the night visions of everypony in Equestria to merge with one another. Now it's up to Twilight and her friends to group up in the dreamscape and "kick" Luna awake.
After a sudden realization about how Shining Armor became a Captain in the Royal Guard, Rainbow Dash hatches an insidious plot to become Captian of the Wonderbolts by following in his hoofsteps... by sleeping with a Princess, of course!