Artist Shinoda over on Deviant Art has been painting up the area aound Trelew, Argentina with some awesome looking pony graffiti. On first glance, it's high quality enough to almost look like a photoshop edit! He has a few step-by-step shots to show off how it's done over on his Deviant Art page right now though. I wish the stuff around my city looked this good!
It looks like Wired also did a quick report on him too if you want some extra depth.
Head on down past the break for a bunch more images, or hit up his Deviant Art page!
And be sure to check local laws before you go painting things! EQD isn't responsible for your jail time!