It looks a little bit glitchy at the moment, but this is a pre-alpha build, so I suppose that's fine. I like how they've implemented touch and tilt to try and use the features of the platform.
At its core, it is basically still just LBP, but I think it should be different enough to warrant a purchase. Cross-platform gameplay would be great, though. I'm sure LBP PSV can handle PS3-made levels.