I dunno about a whole thread dedicated to it, unlike some people I don't think every singular commentary deserves a whole thread to argue about it. But I'll certainly offer a basic sort of summary for you, from memory.>Laughter
Good humor, positive stoicism of sorts. During times of hardship this may be the most valuable of all the elements, save for Loyalty. Everypony has their limit, when it comes to hardship, but with Laughter bonds are strengthened, and in sharing their burden with those who sympathize and can offer some mirth, their burdens are shared and all can aid in lifting their spirits.>Loyalty
Arguably the most important of the five elements beneath Magic. Without Loyalty, individuals have no one to look to, no shoulder to cry on, no support in trying times, nothing to fight for or to believe in after their death. Loyalty to family, blood, empire, culture, or to religious order, whatever it may be, as long as the fascistic order unites everyone under some banner, their unity is the very glue that keeps the civilization alive, and as such deserves a spot near the top of the list.>Honesty
While pride in the people around them may be important, without Honest reflection on one's mistakes, one is doomed to repeat mistakes, whether personal or civilizational. Honesty keeps all on a morally righteous path and defends against the dishonesty and immorality that often rots at a people. Openness to new information and willingness to set aside one's pride means advancing many things, from culture to scientific understanding. Honesty, in another word, is humility. Combined with Laughter, it allows a people to keep themselves focused on what's most important: connections with their folk, through thick and thin. Honesty and ambition together allow for industry to grow, and Honesty and Kindness ensure that nobody's nurturing nature is taken advantage of. A well oiled machine fueled by Honesty is one with as few bad gears as possible, meaning less difficulty in things such as law enforcement or business regulations.>Kindness
When you are among doves, act as a dove. The Loyalty and Laughter of the folk are accented by an underlying Kindness. All ponies are attuned to the fears, anger and hardship of their folk, and do their best to spread that kindness around by looking after one another. In hard times, there must be outreach for the disadvantaged, and in a functioning society, this Kindness is reciprocated to those who initially gave it; no social debt ought to remain unpaid. Do not let this manifest in an expectation of repayment, of course; Generosity is that which fuels Kindness.>Generosity
Hoof in hoof with Kindness, Generosity is the other side of the coin. Where Kindness is nurturing however, Generosity is the willingness to treat what you have as unnecessary and offer what you can to others, not with expectation but with the satisfaction that your offerings will bring in itself. Your karma will be repaid in due time, as all acts and things are destined to trend toward entropy.>Magic
All the Elements together come together to create Magic, and empower it greatly. Your fellow pony's adherence to Harmony manifests in Magic, which permeates all life but is most greatly shown in ponykind. Think of it as Thumos or Vril; it gives life meaning, gives individuals great power, and holds groups together. Magic is how cutie marks manifest, through working together for the mutual good of the folk and oneself, which give your fellow pony purpose and empower the spirit. When attuned to your talents and given purpose, the fruits of your labor are all the sweeter.
Sorry for the wait! As you can tell, I wanted to really immerse myself into the post. /)