Dave,
I think Scott Leslie nails it quite well: "...(LAMS) is a new approach to delivering the education that takes as its starting point the design of the educational activity, not the organizational container of a 'course' or the pre-set bunch of tools a traditional CMS offers"
If we consider an LMS a framework that delivers content, then I would say LAMS is not quite that. Nevertheless LAMS can deliver courseware well. Tricky, hey? 😊
LAMS delivers learning activities that are part of a workflow of activities that aim to teach a learner a learning objective. By doing so, LAMS might use a Learning Object, a forum, a chat, etc.. just like any other LMS. But the key is the sequence in which those are delivered.
I hope that helps clarifying this.
Ernie