It's not surprise that LG tries to follow Samsung around in the market place as much as possible, simply because they are both from the same small country, South Korea, and they are large companies, and they've been always been competitors. So the desire to compete with one another in everything they do must be pretty big.
One such case is now with the LG Optimus Vu, which wants to be a 5" competitor to Samsung's surprisingly successful Galaxy Note (which is 5.3"). The main difference is that this device has a 4:3 ratio display (1024x768 resolution), while the Note has a 16:10 ratio (1280x800 resolution). Personally, I don't like that ratio too much, especially for a phone, because I think it makes it too square, but some people might.
The device comes with a dual core 1.5 Ghz S3 processor, as opposed to the dual core 1.4 Ghz Exynos processor in the Galaxy Note, which should be a bit faster, because Cortex A9 has better architecture than the Qualcomm S3. It will also have an 8 MP camera, LTE, and a stylus. I doubt the stylus will be as good as the one for Galaxy Note, and if I'm not mistaken it's only a capacitive stylus, not one with active digitizer like the Note's stylus, which was made by Wacom.
Will this be a real competitor to the Galaxy Note? I doubt it will gather too many sales outside South Korea unless it's priced much lower than the Note, but it might still be worth it for LG sales wise.