I'd say give it a go for sure, there's easily a solid 15-20 hours of enjoyment to be had marvelling at the variety, plus LBP2 introduced different options to create non-linear levels with more than the bare 3 planes of the original's 2D platformer gameplay (stuff I've only tried briefly at a friend's). It went a bit more Warioware-y, which can only be a good thing. Plus, with this one you've got the multiple characters with different strengths a la Sonic/Trine, so there's definitely a bags more here compared to the first game. What it really boils down to, in my opinion, is whether you have the patience to create your own stuff. I spent a boatload of time in creation, a mode full of frustrations, anomalous deletions and reworkings, but ultimately it was very rewarding. There was an intense novelty factor at work when I picked it up on the first day because it was incredibly fresh back then and the userbase was only very slowly working everything out. The blank canvas is very liberating, yo.
*Hope you can still muster a semi for it