Yes, that is in fact a kid riding on top of a pony plushie. This humongous Celestia was crafted by KarasuNezumi over on Deviant Art. The entire thing clocks in at a whopping 63 inches tall, with 17 days worth of work put in so far. The only things left to create are the accessories, including crown and hooboots.
Now we just need to figure out how to mass produce these things and we will be golden.
