But only IN HER DREAMS (oo-woo-woo!).
Basically, it covered all her anxieties -- first, that she'd get it in something embarrassing. She doesn't say so, but it's obvious that she actually enjoys being a pest pony while she's doing it. She just doesn't want to be one because everyone teases her and it's kind of un-glamorous.
Second, that her friends will reject her. Scootaloo's random "Of course you can't be a crusader if you have your cutie mark" sets her down that road. Although Sweetie Belle is the voice of evil inside the dream. "Technically, the clubhouse is for crusaders only." "Okay, I'll come back later I guess." "Why? You still won't be able to come inside."
Third, that she won't be a real Apple. ("What if it's not an apple!?") And that that means her family will kick her out and force her to change her name.
So, yeah. It's a Luna+Applebloom episode that takes place entirely inside a dream. Someone mentioned that it was missing the little humorous touches that make MLP good, and that's kind of true -- instead, it has weird dream-realm background bits, like the ever-more-elaborate breakfast pancakes and the fish swimming in the punch. Or the rooster that eventually evolves into Pinkie Pie in a chicken suit.
Now... if you want to get all 'read too much into it'... there's an evil genie in the dream that makes the nightmare worse for Applebloom by 'helping' her. Luna says that it's her shadow and that she can't escape from it. Is this the same as the Shadows from the Shadow Realm that Nightmare Moon turned the moon bunnies into? Is it the same sort of shadow that turned Luna into Nightmare Moon?! It really, really matches well with the shadows in some of the fanfiction I read... trying to 'help' ponies but turning their dreams into nightmares.
Of course, the first time I watched it the mysterious voice made me think of 'Village of the Blanks'.
And did anyone else immediately assume that Babs' scissor cutie mark for 'cutting things' was somehow related to her becoming a gangster?
So... yeah. I think on rewatching, I liked it better than Castle Sweet Castle, but... I don't know. I guess it's still only 2/3, but I'd me more likely to bump it up than down.