I finally got around to one of the last remaining Shadowplayers videos I was interested in, called "Ponygirl Rodeo." It doesn't have much in the way of good ponyplay, but It features an interesting interview with ponygirls Gypsy and Sadie. The interviewer asks Gypsy: "So is this a turn-on for you?" Gypsy replies that it definitely is, and elaborates on how the eroticism stems from being elegant and drawing attention to herself.
That's exactly how I see it.
There is also a brief discussion of nipple bells - how cute they look and the tugging sensations they provide.