Irony as She Is Cast: After hearing the part of "I'll Go It Alone" where Baby Lickety Split and Spike start trying to sing high notes but just come off as screaming, most people have assumed that Baby Lickety Split has no hope in the music business. In real life, her voice actress, Alice Playten, has done work on Broadway and actually has something of a nice voice.
What Could Have Been: Buzz Dixon's "punch up" of the film's script would've involved one of the Little Ponies encountering some of the Transformers and G.I. Joes, more specifically, a scene where she meets the Joe sailor Shipwreck.
It should be said that this would have been a little confusing to the target audience the first time they saw the film... and totally awesome upon rewatching it as an adult.
As for why the scenes were cut...well, considering the aforementioned G.I. Joe scene involved a drunk Shipwreck seeing one of the ponies while drinking, before proceeding to smash his whiskey bottle and start praying to himself, it's no small wonder Hasbro refused. Their exact response? "Very funny... no".