The only redeeming thing about this episode is that it features Señor Butterscotch, a goofy and fun pretend pony that Izzy carries around. Aside of that, it's your standard dumb kid show plot where there's a misunderstanding and a character feels bad while the others don't notice, eventually leading to a rapid turnaround sequence.
Izzy is of course the focus character, and that elevates it a little above other episodes, but sadly, all the other characters may as well be a single pony reacting to Izzy's shenaniganry, and they aren't very smart, even if they're good friends.
I'd say this is worth watching, but barely.