From Shuhei Yoshida himself:

Is there a Game of the Year edition in the works? What would it include?  I'd assume all the free DLC released thus far, or at least the stuff people care about, like the recently released create mode add-on pack, plus maybe the MGS4 pack for the paintinator.  ALl patches would be included as well.

Also, the online create mode is still in the works, and beta testing is currently underway!  As you can see here, beta testing was made available to selected creators from the various fansites around the web, as well as from the LittleBigWorkshop.  Maybe this will make its way into that hypothetical GotY edition as well.

Probably the free dlc.. maybe the paid for too.

There's way too much paid DLC for it to all make it on there. I mean, just the first party stuff alone is a hell of a lot of content, and none of it is really necessary stuff. It's all superfluous crap (stickers, clothes) that Sony can still make money on at a later date. I totally see the MGS pack being on there, though.

Yea. The game needs more packs like the mgs one. I'd liked a gow one adding melee weapons :p

I didn't even know this beta existed!

Argh!

Not that I would have gotten in, anyway, with my one crappy and extremely buggy level.

At least you have a level.

probably doesn't include anything new, though some free dlc may be included. I'd expect something like call of duty 4 game of the year edition, where they just changed the boxart.

^L4D did it too

anyway did they ever fix the online ?? that game along with Gears 2 has the worst lag issues ever

Online... Create Mode...?! I have... been waiting... for so long!!!

/explodes in pants

Damnit... be right back, need new pants.

I've never had any lag issues with LBP...I bought it about a month after release.

All games have server issues at launch. Give it a couple of weeks, and they are usually fixed.