For me it surpassed it by a mile, although I also try to detach myself from the reviewers and fanboys and news sites that perpetuate hype, so I was not as aware of the build up for LBP at the time I purchased it. I didn't know LBP was pulling down 95% scores at gamerankings/metacritic -- I figured it was just going to be a solid, cute little platformer. The game's heavy dependency on co-op multiplayer within the packed-in story-mode levels was the biggest surprise. Practically every level requires two people to complete, at least if you want to get 'everything.' The fun factor and replay value are just off the charts, IMHO.
I've had it over a week and it has not lost it's luster at all. The wife and I stayed up past midnight playing it last night ... just as we had when we played it the Sunday the weekend before. The Wii has not even been turned on in approx 10 days.
I bought LBP hoping -- expecting -- that it would merely be good. After two hours playing it I started to feel it was probably the best game on the PS3. After two days I was of the belief that it is the best game on any console this gen. I still believe that.
LBP has made platforming 'new' again. In my opinion it surpassed Galaxy, which was a title I liked and enjoyed and completed, but also felt was critically overrated; certainly inferior when held against the lofty achievements and level designs of Mario 64.
The content creation and online and all of those things are ancillary in my opinion. The game itself with its 24 levels and minigames exceeds everything I expected from it. The level editor and so forth is all a big bonus.