The team behind MLP:Rise of Vicis (now calling themselves Negation Squared and with a Facebook page) are working on YET ANOTHER My Little Pony:Friendship is Magic fangame, and it seems to be a FPS. Now it's technically a mod since it's a Doom 2 WAD, but it will be able to be played without Doom 2, and as you can see it's still in a rather early state. They are planning on having deathmatch maps designed to look like areas in the show, new weapons and characters and a rather short single-player campaign with around 8-10 levels.
There is also no set release date (as usual), in case any of you were curious.