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That would be awesome! But if it is, I hope it's Fashion Style size.
I'd like to see it remain G3. I like G4, don't get me wrong, but I think it's awesome to still have G3 alive in that way, because I really loved G3 and I often miss it. I already feel like the Comic Con pony will probably be G4 this year or maybe next. It would actually kind of make sense, since G4 is so popular. Though even there I would love to see G3 stay alive!
I agree that the G4s are too small for the price tag already - making them $50-80 because of being a convention exclusive is really pushing it. However... it IS the current new show and the fans are rather eager to purchase anything FIM, so it would not faze me in the least to see Hasbro give it a try. I definitely see it either as a total success or a total failure... maybe they would release a combo pack of ponies or something to make it extra special - or white Celestias! Those are already limited runs... they know collectors are dying to buy properly depicted character toys... THAT would be a great idea.