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Well, I mean, technically it COULD fail to give ps3 that boost it needs, but i think maybe LBP is just a small part of the equation.

This holiday season sony has (i think) 9 really good exclusives with LBP leading the charge. starting in november, sales start to ramp up, so combined with these games, plus bundles and console sales, i think sony will get a huge boost in sales.
There are other games on the horizon, none as big as LBP, but i can see LBP becoming ps3's first 10m game, not at first but it has lots of growth potential.