I heard it was in the works but Hasbro saw it and made them cease all production.
"Fighting Is Magic is the former name of a fighting game that was initially cancelled due to a cease and desist letter by Hasbro, but has since been revived as an original work, being developed by the Mane6 development team and Lauren Faust."
"After they had announced the news of the cease and desist to their fans, something magical happened. Lauren Faust, the woman who had resurrected My Little Pony, said that if the team decided to press on with making a fighting game, she would voluntarily design new characters.
So it was decided: They would make a new game, just like the first, except without the official Ponies. The game would be called Fighting is Magic."
tl;dr It's been revived with no-name ponies, or some other quadrupedal since they did say they won't be MLP OCs, and simply titled, "Fighting is Magic"
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In regards to the OP's actual question, lol. I don't even know that I would now. I love MLP. It's ****ing adorable.
I was torn before this because, on one hand I'd love to play as Rarity or Fluttershy and beat the **** out of Pinkie Pie. On the other hand, I'd hate to have to fight Rarity or Fluttershy!
But now with the addition of new, unofficial OCs... I dunno, honestly, now I'll have to wait and see. Maybe one of the new designs will grow on me.