@Krek  
That’s my headcanon as well. However, the fact remains that a species as potentially powerful as them do not seem to exist in current era. They are not targeted by any being that desires power, and flutter ponies WERE definitely ponies with cutie marks. It IS possible that they exist, but I doubt very many left.
 
By ‘fall from grace’, I assume you mean comparing the conversion from ‘elf to dark elf’ to the conversion from ‘flutter pony to changeling’. It was only recently that a definite connection was made.
 
As I’ve considered this for a while, and now that, with Tirek, were considering G1 events as semi-canon, I’ve always been curious whether chrysalis could be Rosedust, or Rosedust’s daughter.
 
At first I thought the latter, but when I saw Alt Chrysalis’ actual age, that made me question whether it might be the former. Doing some research, I found out the fairy-folk that have become corrupt turn into changelings, and can make themselves younger once for comfort and longevity in exchange for the power and purity they had as pure fairy-folk.
 
Of course, its always possible to transform an elf into something different through UN-willing means. Didn’t Rosedust fight the Smooze?

Personally, if the Flutter Ponies were to ever make an appearance in FiM, I would envision them as the Equestrian version of High Evlves: snooty, haughty, and arrogant. They would live in isolation from the rest of the outside world, believing themselves to be of greater beings and such, while the rest of the world can take care of their own problems.
 
Queen Rosedust would have a cold and icy demeanor to her, but this would be a queenly mask to disguise her wanting to help her people, and to help others, but would fall into despair into seeing her beloved people fall from grace.

Average idiot’s comment: “LOL no! She already exists as Chrysalis!”