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Description

The Kanji at the bottom left may translate to “(The) Seven(?) Variants”, with the (?) included by the artist. It apparently refers to a traditional Japanese art that involves an actor/actress changing costumes six times in a play (and so wearing seven different ones in total). Luna appears to be ‘playing’ the mane six.
 
Princess Celestia is basically saying ‘you did a good job’.

safe2287371 artist:pepsiso8 artist:ぺぷしそ2 applejack209047 fluttershy269415 pinkie pie267410 princess celestia116832 princess luna121300 rainbow dash291887 rarity226623 twilight sparkle372398 alicorn338136 pony1717300 g42128569 accessory swap2212 alicorn six106 applecorn381 camera5536 concave belly10860 cosplay34441 elements of harmony3001 everyone is an alicorn169 female1918940 fluttercorn438 japanese10342 mane six39292 mare818042 paint2528 pinkiecorn588 pixiv11965 rainbowcorn471 raricorn973 slender12062 thin17649 twilight sparkle (alicorn)155551

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