My Little Pony: Fighting Is Magic
The game uses the Fighter Maker game engine. The team has released early pre-alpha gameplay footage that displays basic game mechanics such as launches, juggles and hyper combos as seen in existing fighting game franchises such as Marvel vs. Capcom and Guilty Gear. So far, they have only released footage showing how Twilight Sparkle, Rarity, Pinkie Pie, and Applejack play. The remaining two main characters, Rainbow Dash and Fluttershy, are still under development.
UPDATE: This fan-created game has been sent a Cease & Desist notice from Hasbro and all development has currently shut down.