I've consistently said there won't be a true LittleBigPlanet 2. MediaMolecule would not want to split the community and do anything to upset the ongoing ecosystem.
Now, however, news of LittleBigPlanet 2 got a little bit more plausible. Although the actual magazine isn't out yet, an advance look of an upcoming GameInformer issue appears to confirm that there is a sequel. Of sorts.
From the sound of things, the level editor is going to be miles beyond even the impressive editor in the first game. There's even mention of a working Command and Conquer clone? This I would have to see.
But no news on whether LBP2 would just plug into the existing network, allowing the two titles to share levels and content. At least there is word you can port your characters from one to another. Given that LBP is the only game I've ever gained Platinum on, I want to keep the streak going.
Update, it's for reals.