At first I thought there was no way this could be legit. A giant Pinkie Pie in times square? Looks shopped to me!
A trip over to Earthcam has confirmed it though. Pinkie Pie completely shattered the 4th wall, and is now displaying her cupcake crumb covered visage for all of New York to see.
It is actually a part of a rolling Hasbro ad that includes Mr. Potatohead and a few others. Regardless, PINKIE PIE!