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Pony play is essentially where a woman rides a man much like a horse. The appearance is that she is the dominant one and uses her "horse" to get around with. She sits atop his shoulders and looks haughty. He has a bit in his mouth and she holds a rein to steer with. His erection is full-bore and even though the whole fantasy appears uncomfortable, he obviously is enjoying the experience.
However, there is no way in hell that she can be having fun. Why would she want to be in that type of situation when she can just as easily be driven around in a car? In other words, taking the fantasy to it's final stage, she rides him around and then must put him back in the stable and brush him down. That sounds like work to me. I'm sure she is being paid to do it on the various websites but still; it does not appear as femdom to me. The fantasy is his fantasy, not hers.
I'd be willing to bet that if he were really submissive, there would be a warm car waiting for her; not some guy sporting a boner with a leather bit in his mouth and a saddle on his shoulders. Maybe instead of a car, there would be a sleigh waiting with soft, warm furs and she and her girlfriends can be pulled through a snowy, moonlit forest by a bunch of guys "sporting boners". The whole point is that femdom fantasy should be about her comfort
I'm taking things too seriously now. I am at the pinnacle of sexual arousal and my mind is clouded with sweaters and money/power exchange.