@Nuka  
I always thought that was a joke from FiW. Guess I learn new things every day.

@Background Pony #5F9E
 
The “crossed out” honesty definition is based on a fan theory from awhile back which suggested that RD and AJ’s elements might actually be “swapped”, since RD is often honest to a fault (e.g., “that was pretty terrible”) and has often demonstrated tremendous selfishness; in contrast, AJ has been known to colorfully embellish the truth, but her love and devotion to her family has remained steadfast and resolute throughout the series. But, again, it’s just a joke based on an interesting fan theory.
 
As for the second definition - you’ll note that all six of the pictures in this series are jokes. The second definition is intended to be a poke at the foibles of each pony so that their portrait can respond with annoyance to them. It’s obviously an exaggeration of personality flaws, in the same way that Fluttershy’s describes her as having barely-suppressed control issues (she only uses “The Stare” on a handful of occasions), Pinkie Pie’s 4th wall breaking (she only does this on a few occasions), and Rarity’s penchant for the fainting couch and ice cream (only on a couple of occasions).

1. a confident, fast-flying, blue colored pegasus and Wonderbolt representing the element of loyalty.
 
FTFY as you she’s not that honest and fits the element of loyalty very well.
 
The second “definition” isn’t even a definition but mostly exaggerations, and the artist obviously forgot about the episodes Wonderbolt Academy, Flight To The Finish, Sleepless in Ponyville, The Cutie Mark Chronicles etc.

@RainbowDash69  
That too.

and a beautiful girl!

They’re both accurate.

Second definition checks out. At least, that’s how I see her.