I believe they are going to continue the already established formula, where each episode will focus or put more emphasis on a different characters, while a few episodes will feature all of them together, going on an adventure. However, I would be truly happy to see a fully formed, season wide story arch for a change. Although Season 4 had such preliminary attempts on that with the "rainbow power" stuff, what I would love to see is a villan, who shows up at the beginning of the season and puts more obstacles in the way of the Mane 6 THROUGHOUT the entire season, thus the primary antagonist would be present in the whole season, appearing in a few episodes until the final confrontation. The return of Chrysalis as a secondary antagonist would also kick ass in my opinion. :D

But Queen Chrysalis was killed in A Canterlot Wedding. Okay, I don't know if she really died, but being sent flying up in the air at a very high speed would have to kill her if she hit the ground.

Twilight is reaching to the point when she is getting perfect. Which means there will be less focus on her. I think the others might turn into princesses too. So we are going have to see more flaws from Fluttershy and a lot more focus on AJ. Just to make it fair so the show doesn't look like it is picking favorites.