This was unexpected. I guess it will not have an editor and most probably also a PS4 version. Nothing screams next generation in the trailer but that's ok.
I always hoped LBP would go full 3D and drop the floaty controls. Hard to judge the controls but the cardboard look translates nicely into 3D (as was to be seen in that great looking 3D LBP level made in Dreams). I hoped Media Molecule would be the ones developing it but i guess that won't be happening anymore. After LBP 3, which i thought was pretty bad, i can't say i have faith in Sumo Digital but i will gladly be proven wrong.
In short, hope it turns out to be a great 3D LBP platformer. If so, i'll happily buy and play this.