I just beat the story mode a few minutes ago. Fucking BRILLIANT. I did the whole thing 2 players co-op.
The whole game is irresistibly charming, and the level design is very clever, especially the bonus multiplayer-only accessible areas. It actually get really difficult towards the end too! There were so many parts where we'd keep trying and trying to figure out how to get that one last accessory or sticker, just because of the sheer challenge of it. It really is a revival of ingenius 2d platform gaming.
I tried to create a level, but it keeps requiring me to go through all these tutorials before I can even access the tools... no "mess around and figure it out" which is kinda frustrating when my friend and I just wanted to "jump in" and make a rocket powered penis or whatever.
Also frustrating is the fact that I can't get the game to connect to the LBP servers for some reason. Maybe its just overloaded or something because everyone is on it now, but I couldn't even sign in to download a level or anything.

I'm connected to PSN just fine, so thats not the problem.
EDIT: Ok so apparently the servers aren't up yet. Supposedly they're online midnight tonight.