Silvermoon is one of my favourite authors in PR largely because she doesn't go for the obvious in her writing and of her work, A Dream Deferred is probably my favourite fic.
It is a romantic action adventure and centres around Drax Kiarson, the boy who goes on to become Ninjor, and his relationship to Kalinda, his soul mate. I won't say too much more than that because to do so is to thoroughly spoil the plot.
It's a well crafted read and the original characters have as much depth to them as the more familiar ones. It also provides a wonderful back story to several of the more important 'minor' characters on the show. Can be found at the Snowfields of Night, among other places.
Archivist's Note: As this recommendation notes, this is about Ninjor, but there's enough MMPR elements here to squeeze it into the MMPR section.