I think it looks a bit more like a pony playing dress up as Jareth than it does actually being Pony!Jareth himself, but I think that's what's so cute about him to me. I do think this is a wonderful work.
This pony freaks me out, it looks like him but c'mon it's a my little pony. I don't know what to say but it's good and that's why it freaks me out, especially that look in it's eyes. Such an intense pony, he seems to dare you try and hop on his back.