Its official!Winter 2010. Of course, just after I buy the original. Apparently they are going to let you go nuts with the design tools and make things like top-down racers, or shooters, or zelda-like games? Its also backwards compatible for all the levels already made for LBP. I also heard it will support mouse and keyboard (and Move) for the editor, which should help out creators.
Pretty crazy. Makes me wonder what Sony is doing for E3 if they are announcing something like this now, just before the event. Its either going to be some totally awesome announcements or they plan on just focusing on Move. Knowing Sony, I am preparing for disappointment at E3.