Budding Friendships is a currently-in-progress Harvest Moon style game involving ponies. Assuming the role of a famer pony (I think that's actually the character pictured above), you take over a rundown ranch at the edge of the Everfree Forest, and through a lot of hard work and by forming lasting bonds of friendship with the ponies of Ponyville, turn it into something you can be proud of.
So far, the team of ponies in charge of this project have put together most of the underlying framework and core mechanics. Movement's possible, and time passes, as marked by a nifty little night-and-day wheel. You can see some screenshots after the break. They were even ambitious enough to set a tentative release date for a fully finished and super playable version, but I know enough about development cycles that I'm not going to shackle them to that. But if you're interested in commenting and following along more closely, check out their Canterlot forum thread here. Additionally, they are looking for a vector artist and a sprite artist to help out. If you're interested in providing these services, drop a line to email@example.com