Bearing in mind that the uploader and performer, TheVideoLover2, is not a brony, or at least I don't recall him ever saying so, this guy wanted to find a way to entertain people who were bronies and pegasisters and whatnot. I think this is the best way anyone outside of the fanbase could have done that. It's a joyous, entertaining recording, complete with nods to each of the lead characters and an MLP OC of himself.
COMPOSITION BY Lou Bega. Dámaso Pérez Prado, Zippy Davids - NEW LYRICS, VOCALS BY TheVideoLover2

Here are his other great performances, on his account TheVoiceGuy3824:

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Okay, that is cool. That Devil in Disguise cover is sorta off at parts, but it's still a pretty impressive cover.