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LEC is nothing but Logic Equivalence checking.. LEC can be done with Conformal, Formality, Formal PRo tools..
It is basically checking functionality between RTL and Netlist... and also you can check the functionality between pre-layout netlist and post layout netlist just to make sure that P&R tool didnt goofed up anything...
Post sim cannot be replaced by LEC...Post sim is a dynamic testing which ur functional paths are tested.. LEC just checks the proper values are passing in by comparing RTL with netlist or netlist with netlist...
Post sim with SDF annotation is to check for timing with the functionality...here no delays are considered..
It may be possible to replace sdf-sims with LEC+STA.
A flow can be
Netlist sim without SDF,
STA with proper rspf(parasiticfile) on Post layout netlist
for RTL vs Netlist.
If you would like to know how to run LEC: and more abou it http://www.vlsiip.com/formality