No one but me will care or update this thread since this (at least right now) appears to be only a PS3 title... but I am really, really excited about this game.

For all intents and purposes, the game sounds to me like a variation on the Spore theme leaving the users to create boards and worlds for others to explore through the online portion of the game. Beyond that, it's filed away as a platformer, which leads me to believe there will be stages and bosses... things like that.
Beyond that, I really have no idea what the game is about, what the goals will be or if there's even a plot or story. I just know that what I've seen thus far looks like a really fun game. I do know that you control "sackboy"...

... who seems to be a hackey-sack dressed in whatever outfit you want to put him in.
Honestly though, this game would probably not even be a blip on my radar if I hadn't already seen some incredible videos of how creative you can be with the design and engine of this game. I've seen videos where people re-created worlds from the Super Mario Brothers games... I've seen people make huge, Godzilla-like monsters that tower over landscapes and crush everything in sight and I've also seen a video where a guy is able to pull a block along a wall and play a song he actually programmed into the bricks... crazy shit.
Anyway, yeah. I feel like this will probably be a really important title for Sony in the upcoming console wars and it may well become one of those brand specific games that people are willing to buy a whole console for. The level of creativity present in the handful of videos out there right now is unprecedented. Here are some videos of the game in beta testing:
LBP demo at GDC 2007... designing a level.
LBP 2008 "Dreams" trailer.
The Little Big Planet site:
http://littlebigplanet.us.playstation.com/