Originally, I was just going to draw a simple Flutterbat, let that be my mandatory contribution to the thing, and move on. But then suddenly Discord got involved, and then everything got a whole lot more complicated.
It looks like Fluttershy is wriggling and squirming pretty hard to get away if Discord has to grip her so firmly, though it looks like he could be poking her belly with his pinkie claw there too. Fluttershy's face is fantastic in its intensity, plus the red eyes really bring out the danger (as if the teeth weren't scary enough). Old Discord looks so proud and happy, plus it's sweet that he can't help himself from giving her a hug. This is very sweet.
They're supposed to be tears of laughter. He'd certainly find it hilarious, but I feel like Discord wouldn't really be that worried, both because of his generally non-caring personality, and because he probably knows that he could fix her with ease. But yeah, it's supposed to be tears of amusement.