Should I start watching? This sounds great.
MLP:FiM? I'd say go for it. Just make sure you understand a couple of things.
1) Remove all preconceptions you've had about the show. Watch it with an open mind. Much of the media who make mention of the show have done so in a negative fashion as they simply think of it like its predecessors without actually watching it.
2) The show was intended for little girls, yes, yet it was made to also appeal to the older audiences. There are many scenarios, situations, references, etc that the target audience would not understand, but grown-ups would. Ex #1: "Fall Weather Friends" has subtle references to The Hitchhiker's Guide to the Galaxy. Ex #2: "Look Before You Sleep" mentions a book called "Slumber 101: All You've Ever Wanted to Know About Slumber Parties (But Were Afraid to Ask)".
This is where they got that odd title from, but is only associated by name, not contents.
3) You've probably noticed a bunch of fanatics that are crazy about the show. Ignore them, as every show has their fanatics. This one just happens to have many than are quite vocal about it.
All in all, just try it out. If you end up not liking it after a couple of episodes, then that's no problem, as you at least gave it a chance. I'd suggest starting with Party of One or Lesson Zero, as those episodes are not what people would have expected from a little girl's show (and are the more popular episodes from the polls).
Cutest adorablest pony evar.
Applebloom is my favorite of the Cutie Mark Crusaders by a longshot.