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From what I´ve read/seen I´d say they should simply price it accordingly. $20-20.99 with long term support of free dlc seems to be fair.
About the LBP comparison: LBP is a full game with an extensive creation mode (yes LBP is more than a simple lvl editor) whereas SMM, again as far as I know, is simply a level editor with reused assets. I really don´t know if there is a single new asset in that game. However SMM will sell boatloads (I predict 5m).



      
Yup...RO friggin rocked