The girls take their Spring Break vacation on a luxury yacht. However, Rainbow Dash's desperate need to fight evil magic instead of letting everyone just relax and enjoy themselves creates friction. Of course the real purpose of the special is to sell more dolls, and they've got the holiday vacation outfits covered.
This is really a story about Rainbow and Twilight both coming to terms with their responsibilities as superheroes. The preview seen at SDCC a few months ago made it look like this was all about them going to Equestria, but that is really just a small part of the story. They give Rarity a ridiculous love interest in Ragamuffin, a member of the ship's crew with an over the top Cockney accent. He's blond, has green eyes, freckles and has a distinctive accent. Sound familiar?
I guess Rarity has a type. Other than the unconvincing love interest side-story, I liked it. There's plenty of good dialogue, it's gorgeous like every EG special, and plenty of great voice acting moments. There's also a great song, even though we only got to hear half of it. Hopefully the full song will be released soon.