Plain English Meaning
LP is a type of GPS approach where the satellite-based system gives you tight left-right guidance to the runway, but you still have to step the airplane down to a minimum altitude on your own — there is no electronic glide path to follow.
Full Definition
A non-precision WAAS-based instrument approach line of minima that provides lateral guidance with accuracy comparable to a localizer, but without vertical guidance. LP minima are published on RNAV (GPS) approach charts and require WAAS-capable . Because LP has no , descends to a () rather than flying to a (DA).