I honestly have no clue if this site is going to explode, but japanese MLP is being streamed in a bit here. It looks like all of the english stream channels have already capped, so this might be the best bet.
Anyway, head on down below the break to watch it!
(Update): It's over!)
(Click the switch on the lower right to turn off messages scrolling across the screen if they bug you, lots of NSFW up there)
(Embed is gone, feel free to keep watching Japanese TV at this link though)