If this is the one with the toy box mode and is the same version as the 360 - it is one of the best children's games I've ever played. And I play a lot of kids games.
It up to 2 player and the players are not tethered to each other. Allowing each player to fully enjoy it, and it works well with players who are different in skill or ages. In story mode you have to work together sometimes, but in toy box mode you can run around and work on tasks seperately if you want. I played it with my (then 9 year old) and she couldn't stop laughing, I have never seen her enjoy any video game like this before.
She's now played through and collected everything on three different profiles and still won't trade the game in.