There's an announce trailer online and it reveals a rather cool thing, all the levels made for number 1 will be compatible with number 2!
http://www.youtube.com/watch?v=Fs0T5l24JL0

If the first one was basically making a game in a game and it depended mostly on the user's creativity how can you make a sequel? I'm hoping it'll be awesome though.

Simple - instead of limiting to tools made for one genre, they produce tools for ANY genre.
So it's a game in a game in a game.
:D
Mind you, I didn't believe it at first, LBP STILL delivers every day, but the possibilites of this sequel are mindblowing - full control over robots and other movable objects, custom and enjanced AI, custom sounds (FUCKYEAH), DLC and level import from the first LBP, KEYBOARD AND MOUSE SUPPORT OHGODYES.
In short, it's gonna be awesome.

Instabuy.

I just got a PS3 recently and the second game I got was LBP, I need to beat it to get this. :O
Awesome.
Song is Sleepyhead by Passion Pit by the way.

Hmm, seems like I will be saving up for a PS3 instead of a carbine in the next few months.

Umm, am I the only one that didn't really enjoy LBP that much?

Probably not, but you are in a very small minority ;)
Anyway, I can't wait for LBP2. The first one is one of my favorite games on the PS3, and one of 3 games I play with my wife (the other two being Trine and Bomberman) :D