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ImageElement of HarmonyDescription
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Honesty


Applejack (formerly Princess Luna and later Princess Celestia) possesses the element of honesty. When a mountain ledge the friends are standing on crumbles, Twilight clings onto a ledge and is bewildered when Applejack tells her to let go because she is safe. Twilight trusts her and lets go. Rainbow Dash and Fluttershy catch her mid-fall and carry her to safety. The element of honesty is as a gold necklace with an orange apple-shaped gem that looks like the apples in Applejack's cutie mark.
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Kindness


Fluttershy (originally Princess Celestia) possesses the element of kindness. When the friends encounter an angry manticore, they decide to fight it, but Fluttershy calmly approaches it. She removes a thorn stuck in the manticore's paw, calming the beast. The element of kindness is as a gold necklace with a pink butterfly-shaped gem that looks like the butterflies in Fluttershy's cutie mark.
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Laughter


Pinkie Pie (formerly Princess Luna and later Princess Celestia) possesses the element of laughter. The friends enter a dense forest of trees with scary faces, but Pinkie Pie laughs and makes funny faces at the trees, causing the faces on the trees to vanish in pink smoke with sparkles. She explains that they can conquer their fears just by laughing at them. The element of laughter is a gold necklace with a blue balloon-shaped gem that looks like the balloons in Pinkie's cutie mark.
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Generosity


Rarity (originally Princess Celestia) possesses the element of generosity. The friends cannot cross a river because a sea serpent, who is upset about his ruined mustache, is agitating the water. Rarity sympathizes with him and cuts off her own tail to repair his mustache. The grateful sea serpent helps them cross the river.
The element of generosity is as a gold necklace with a purple diamond-shaped gem that looks like the diamonds in Rarity's cutie mark. The necklace itself is also similar to Princess Celestia's necklace.
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Loyalty


Rainbow Dash (formerly Princess Luna and later Princess Celestia) possesses the element of loyalty. The ponies encounter a broken rope bridge stretching across a ravine. Rainbow Dash volunteers to fly over and tie the other end of the bridge, but is confronted by a group of dark ponies who call themselves The Shadowbolts. They flatter Rainbow Dash and invite her to join them as their captain, as long as she abandons her friends. Rainbow Dash is tempted, but ultimately declines the Shadowbolts' offer. She ties the bridge, letting the others cross. The element of loyalty is as a gold necklace with a red gem shaped similarly to the thunderbolt in Rainbow Dash's cutie mark.
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Friendship


Twilight Sparkle (originally Princess Celestia) possesses the element of "magic", but for the purpose of this competition, it's trait will be replaced with "Friendship". When her friends come to her aid in the castle ruins, she realizes that they are her friends, and a "spark" within her activates the Elements of Harmony. Her element is a gold tiara studded with sapphires and a magenta star-shaped gem reminiscent of Twilight's cutie mark. The crown is shaped differently after Twilight becomes a princess. It is a lighter shade of gold, no longer has sapphires, and rests horizontally, not vertically, on Twilight's head.
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More info about the Elements of Harmony can be found here:
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http://mlp.wikia.com/wiki/Elements_of_Harmony
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