Budget's a bit of a funny word for this deck, since the only real expense that the deck wants, and isn't just a fun addition, are modern staples and make up about 70% of the cost of the deck. And then there's the price of however many Cavern of Souls you want to play, since that card alone skyrockets the price. And since I haven't actually played the deck in a year, due to being away from the shop the last six months and using the six before on fine-tuning my Izzet Dragons list, I'm just going to list off the cards and tell you why they're in the list of ponified doom.
Loyal Pegasus It's a flying 2/1 for W, you're bread and butter first drop of the game for maximum damage.
Stormfront Pegasus/Mistral Charger 2/1 flyers for 1W, these make up your main attack force, and your opponent will likely be tired of seeing them by the end of the match. These guys are the meat of our sandwich, after all, without them there really isn't a sandwich.
Concordia Pegasus Another 1W flyer, but this one's a 1/3, which means you get to block all kinds of things with this if you need to. With a single anthem you get a 2/4, which is pretty good at killing aggro creatures without dying. You could say these guys are lettuce, not exited, but you'd be sad if they weren't there.
Sungrace Pegasus 1W flyer with Lifelink, the 1/2 means they don't attack too hard at first, but with an anthem or two you're opponent will have a hard time racing you. A little spicy, but really just flavorful, these guys are our banana peppers, their mere presence makes everything better.
Plated Pegasus 2W for a 1/2 Flyer with Flash? Now we're talking real fun. Oh wait, there's more? Yeah, this little card can be used to flash in and completely ruin that damage based board wipe you're opponent just played. Got a board full of a 3/2's and your opponent just cast Pyroclasm? No problems! Got an Electrolyze trying to kill two of your dudes? Nice 3 mana cycle you got there! These guys here are the jalapenos, all spice and ready to ruin an unsuspecting opponent's day.
Honor of the Pure Alright, I'll admit, without a little help these ponies are a tad on the weak side, so we have this nice enchantment here to make the bigger n badder. The real trick with this card is to know whether you should play it or pony for the turn, and it all depends on the board-state. If you think they'll board wipe next turn, play it first. If you think they're just going to spot-removal you to death, pony first. Unless this makes your ponies survive bolts in relevant matchups, then play this. So here's the green peppers, quiet and unassuming, but they tie everything together.
Always Watching Got a little spice here, costs an extra mana, but you'll be surprised how excellent vigilance can be in this creature-heavy meta. And having your Sungraces for attack and defense can be backbreaking. It's not really apart of the sandwich, this is more like the cookie, you don't always want it or get it, but when you do, you're happy.
Sacred Mesa Well, it makes ponies with a 1W upkeep, which seems pretty steep, but this card will grind opponents who aren't playing tramplers to death if they can't remove it. Instant speed flying tokens that get buffed by all of our things? Yes please! You also get to use the super-sweet Unhinged Tokens, which is pretty epic. This here adds the sauciness to our sandwich. Chipotle, to be exact.
Door of Destinies Alright, so we get a big artifact that makes all of our little ponies into big ponies if we cast enough of them. And do note, it's cast, not enter the battlefield. That means counterspells won't stop them from getting bigger, but Mesa also doesn't make it bigger, which all things considered is a fine trade-off. Being an artifact, it dies relatively easily, but it's also the only artifact in the deck, so it will only be incidental hate that gets you. This one here's the drink, which is much like the cookie, seldom acquired, but rarely found lacking.
Path to Exile Get rid of target creature that bugs you, it's as straightforward as you can get. Onions man, terrible by themselves, but nice additions for flavor.
Warping Wail Eldrazi Charm itself, at instant speed either make a chump, counter a board wipe (unless it's that busted supreme verdict card, may it rot in oblivion), or exile some annoying little card. Like Bob, Delver, Lavamancer, Snappy, etc. A very nice got'em card, and never actually dead, since you can always just make the 1/1 and go to town. This here's the pepperjack, a little bit of spicy cheese for our sandwich!
Valorous Stance It either saves your guy from bolt/decay/etc, or destroys target fatty, both of which tend to be useful, especially with how popular that Goyf thing is. Only going for two because it can be dead in some match ups, which feels bad. I've ran out of ingredients for my sub, sadness.
Return to the Ranks So, decks are going to be killing our creatures, because either they hate pegasi and are communist nazis, or because we're sacrificing them so that we may continue our epic struggle for Freedom! But just because they're dead doesn't mean they'll stay that way, during Ragnarok Valhalla empties, after all.
As for the sideboard, I think that's pretty self-explanatory.
