Here's an interesting bit of mythology. Traditionally, shapeshifters (also known as changelings) are faeries left in the place of a human child. The child faerie takes the shape of a human to blend in. However, the word faerie (which the word fairy is derived from, I believe) has a broad meaning. It can refer to any creature from European mythology, not just little people with wings.
I guess what I'm trying to say in a really awkward, roundabout way is that it would be really interesting to see Mane6 create their own take on faeries, presumably making them ungulates in some way, and possibly able to shapeshift. They could take the route of making them have insect traits, like pixies/sprites, or make them more bestial, like goblins or trolls. Better yet, base them off leprechauns! That would be pretty interesting.