I thought the G4 to G5 connection was fine (but I hope G5 doesn't reference G4 much because, real talk, I was pretty tired of G4 by the end of it). Personally I thought it was awesome that they shook things up so much. I was expecting the Transformers treatment where we got the same six characters over and over, decade after decade, and instead they gave me a rad dystopia.
my feelings on FiM are...were...well documented. FiM really changed a lot of how I view things as far as "boy franchises" vs. "girl franchises." Hell! It's because of FiM I can watch old school She+Ra and get the toys and not give a damn w anyone thinks. So it'll always have a spot in my heart.
BUT...I was
reeeeeally feeling the burn out long before the end of it. I stuck it out because the show meant so much to me. But I was burned out long before it ended.
I'm kinda torn about Transformers. To me it's always been about Optimus and Megatron (with a few other legacy characters. And the way Hasbro's dealt with the franchise so far, at this point I'm not sure they could get rid of those characters if they wanted to. It would be like TMNT without the brothers.
But aside from a few toys here and there, I'm pretty much out of Transformers now. So I don't think my input matters so much on that franchise.
MLP on the other hand...eh! I mean, they do have characters that have been represented in multiple generations (Applejack, Minty, Pinky Pie, Twilight). But they've never rea been what I'd call legacy characters. FiM had the Mane 6. Gen 3 had (mostly) Minty and Pinkie Pie. G1 had no less than three different groups they followed (Midnight Castle, post-Midnight Castle, Tales).
So really I just never felt there was much of a need to tie G5 into FiM. MLP just wasn't the kind of franchise to depend so much on previous generation.
I understand why Hasbro would want to make an exception in this case though. FiM really was a cultural phenomenon. It took MLP from being "that girls toy from the 80's" to being the poster-child of eliminating the lines between "boys franchises" and "girls franchises." It wouldn't be hyperbole to say it was history making
Still don't want it to be the end all be all for MLP.