I've seen two episodes and don't get the appeal. The faces are charismatic and cute, but that's pretty much it. Which episodes should I watch to get hooked?
Well, it's different for each fan. Season 1 really only gets going in Episode 4 or so, but the stand out S1 episodes are probably Sonic Rainboom, Dragonshy, The Stare Master, Green Isn't Your Color or Applebuck Season. But as I said, different fans like different things, and different episodes stand out for different fans.
That said, there are really several MLPs. There are the shows, the comics and the fan works. Some fans like only the fan works, some like only the show, etc. The fan works are not really tied that strongly to the official stuff anymore. They are basically a self-sustaining phenomenon at this point. Even if you find the shows just OKish, you can still enjoy all the fan art, fics, vids and music.
And of course, no one says you HAVE to like MLP. If you don't like it, that's great too. It's not for everyone. Nothing is.