So while on Deviantart I came across this lovely gem by VincenttheCrow: Elements of Harmony Lantern Corps Power Rings. They work like normal Power Rings but each one gives the user specific pony powers based on the element and character.

Here's a list of the Rings:

"Your honesty knows no limit. Welcome to the Applejack Corps."

Name: Applejack Power Ring.

Used by: Applejack Corps.

Element: Honesty.

Special Abilities: Increased physical strength, master skills with a lasso, lie detector, and the power to force people to tell the truth.

Specific Weakness: Completely unable to lie, insatiable appetite for apples.

Oath:
'Through honest work and noble gain,
No job shall ever be in vain,
We'll pierce the sky and crack the ground,
For Applejacks light is friendship bound!'

"Your kindness is beyond compare. Welcome to the Fluttershy Corps."
-or-
"You lack kindness in your heart. Welcome to the Fluttershy Corps."

Name: Fluttershy Power Ring.

Used by: Fluttershy Corps.

Element: Kindness.

Special Abilities: Communication with animals, temporarily shut off the emotions of others making them only feel kindness, an intimidating stare, and advanced healing powers similar to the medigun.

Specific Weakness: More susceptible to fear.

Oath:
'In bleakest night; In joyous day,
The hateful shall not get away,
If cruelty, in your hearts, hold sway,
Beware my Power! (...if that's okay...)'

"You have the ability to instill great laughter. Welcome to the Pinkie Pie Corps."

Name: Pinkie Pie Power Ring.

Used by: Pinkie Pie Corps.

Element: Laughter.

Special Abilities: Force the power of laughter on people, Pinkie Sense, ability to bend reality, and unlimited physical energy.

Specific Weakness: Extremely high craving for sugar.

Oath Unknown.

"You have great generosity in your heart. Welcome to the Rarity Corps."[color]

Name: Rarity Power Ring.

Used by: Rarity Corps.

Element: Generosity.

Special Abilities: Charge the rings of other Corps members, disguise mastery, power to encase your body in diamond armor, and full immunity to the Orange Light of Avarice.

Specific Weakness: Aversion to dirt, increased adoration towards jewels.

Oath Unknown.

"Your loyalty knows no limit. Welcome to the Rainbow Dash Corps."

Name: Rainbow Dash Power Ring.

Used by: Rainbow Dash Corps.

Element: Loyalty.

Special Abilities: Unbreakable loyalty, mach 13 speed, ability to glow in seizure-inducing rainbow colors, and limited control over the weather.

Specific Weakness:A cocky attitude, an unquenchable thirst for adventure.

Oath Unknown.

"You are capable of unleashing the magic of friendship. Welcome to the Twilight Sparkle Corps."

Name: Twilight Sparkle Power Ring.

Used by: Twilight Sparkle Corps.

Element: Magic.

Special Abilities: Unicorn magic, increased brain power, instant teleportation, and a reserve of untapped magic that only activates in dire situations.

Specific Weakness: Magic reserve is difficult to control.

Oath Unknown.

I'll pose more later.

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Here some videos and pics to help you with ideas:

And what about the White Lantern Corps and the Black Lantern Corps?

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Why in the HELL has nobody made a story about this?!