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Jemadar
Late response, but I'll try my best to give it a rundown!
So firstly, PonyIsland has MLP style ponies (old style MLP, here's a pic of one of my unicorns for example)
Next most important thing: Accounts are subscription based. You can make an account for free, but it'll be considered a 'trial' account until you pay for a subscription and you're limited to some of the most basic functions (buying ponies and items, dressing them up, making tattoos for them, which are similar to skins and accents, though not quite as extensive.) Payment types are 14$ for a half year, and 23$ for a full year.
They use two different currencies, Ponygold, or 'PG' and their premium currency, Bonus points, or 'BP.' You use BP to make ponies in the generator, or you can use it to buy things from other users. You get a nice chunk when paying for a subscription, and can sell ponies and items for it.
They have a much wider color range than FR, actually, they use hex codes (hex colors? I don't quite know the proper term) so they can be any color! Though that can make getting the exact color you want a little tricky, especially 'pure' colors like pure black or white, on the flip side it can be quite satisfying when you get something pretty. They also have more color slots than FR: Eyes, Hair, Hair 2, Body, Extra 1 and Extra 2
Like FR, they have genes and different slots for them (hair, face, leg and body), they have one type of gene called 'colorize,' so for example: Leg Fade is black by default, but with colorize it'll take on the color of the Extra 1 slot and reverse colorize will give it the color of the Extra 2 slot. Some genes are also 'breed specific' and can only be generated on their respective breed, but it can be bred down onto their offspring which don't have to be the same breed, which brings me to genetics! I... only have a very basic understanding of it myself so I'll just give a brief rundown
Genes are either dominant or recessive and older genes are dominant over newer ones. Also, there are some hybrid breeds, if you breed a unicorn and pegasus, you might get a winged unicorn for example! Ponies can also carry genes, which means they wont be visible, you might not know they had it until you breed them and their kid ends up with it!
Uhh competitions, they do have contests, but I don't do them myself so I can't say much on them. Your ponies can also die, though not of old age, but as long as your careful to feed them and vet them in-between contests or after they've had a foal, you'll be good :thumbs up: And in the case they do die, there are resurrection scrolls you can get to revive them! There's different tiers, but uh, I've never had to use one so I don't really know what the difference is.
There's lots of different items you can buy to dress your ponies, but they can only have 7 items equipped, and I don't believe you can unlock more slots. There are some smaller items that have their own special slots and don't count for the intial seven (like makeup, for example.)
They currently have 21 breeds, I can't really say how often they come out with new ones, but certainly more often than FR.
Annnnd I think that's all I can think of to say right off the top of my head! Which I think is for the best because it ended up kind of long lol