The reasons why I say this is because (Almost) many character arc come to a satisfying end.
For example, Rarity and Sweetie Belle's arc ends with Rarity accept the fact that her little sister is growing up, Celestia and Luna's arc ends with the two helping each other, we get an awesome adventure with Daring Do, Fluttershy saves the day when a certain zebra gets swamp fever, the CMC get a camping trip with big sisters again which feels like a nice farewell to them, plus three little fillies get their own camp and finally Scootaloo gets her own fanclub!
Mind you, not EVERYpony gets a satisfying end to their arc (Like Applejack, Twilight and Big Mac).
Speaking of Big Macintosh, I should like to say that I don't care for the whole SugarMac ship. To me, it just doesn't work. Personally, I think that Big Mac should have been with Marble Pie (And no, I don't think that Applejack and Pinkie are cousins).
For my favourite episode, it would be Parental Glidence! It is not only my favourite episode of Season 7, but it is my favourite Rainbow Dash episode!
I love Bow Hothoof and Windy Whistles! Sure they may be overboard with their support, but their hearts are in the right place. They clearly love Rainbow and want to give her all the love, support and affection.
Also, am I the only one who would loved it if Bow and Windy had adopted Scootaloo and made their 2nd child? They clearly seem to love her too!
For my least favourite, it's Honest Apple. God Amìghty! WHAT THE FLYING F—K IS WRONG WITH APPLEJACK IN THIS EPISODE?! I know honesty is always the best policy, but the way how it's handel is just terrible! But Applejack isn't the only one who is an a—hole in the episode, Rarity is too! Snapping at her own like that?! Not very lady-like!😠
Overall, Season 7 is the perfect series finale to the show in my opinion.
Things were just never the same again when Season 8 and Season 9 came along…