Yes the crossover you have all been dreaming of, Dangan Ronpa: Despair is Magic mixes together both Dangan Ronpa and My Little Pony: Friendship is Magic.
The series will be hosted on tumblr in a format similar to orenronen's translation of Dangan Ronpa: Academy of Hope and High School Students of Despair
(http://lparchive.org/Dangan-Ronpa/). The blog should be running sometime next year.
I'm still writing the story and making the art, but the character designs and story outline are all set in stone.
While I don't want to give too much away I will say that the series will include well known characters such as Spike, Pinkie Pie and Discord.