It's true that limited visibility range (40 meters in Trials HD) or static 2d style camera (Little Big Planet) cuts down the visible object count (and draw call count) nicely. It surely helps with performance (when rendering the objects to g-buffers). However the lighting itself is calculated the same way no matter what kind of camera the game has. Deferred shading cost doesn't scale on object count (it scales on screen resolution and light overlap in 2d screen space). So for pure lighting performance pretty much irrelevant how much objects there are in the scene... unless you are rendering a lot of dynamic shadow maps
It's actually pretty hard technically to implement a game with robust user created content support (like LBP or Trials HD), because the developers cannot precalculate or bake anything offline. Most AAA shooters still use precalculated light maps for all environment lighting, and that saves huge chunk of performance. I have high respect for the Little Big Planet team. They have made many nice technological innovations. Crytek's real time global illumination system is also really nice for future games that have high dependency on user created content (and cannot use prebaked GI lightmaps).