Well the similarities must be the race to the end and level editing, which has been around since the day dot.
But LBP is heavily focused on sharing content with as many people as you want. Also it isn't about the building the levels then racing them, LBP doesn't feature a Level editor as such, but it like playing the whole game within a level editor, and iirc you can change things on the fly as the game is progressing.
As far as i can see, this is about as original as a game will ever get after 30 years of video gaming. And if the only game is a rather obscure game from 3 generations ago, then i think it is quite good going.