Interfacing with the Pi can be done using a driver that is available called xboxdrv at http://pingus.seul.org/~grumbel/xboxdrv/. This driver takes care of reading raw controller input, but doesn't provide a useful interface for scripting. I've created a Python class that makes it easy to read all of XBox controller inputs in real-time. Digital inputs, such as the A, B, X, and Y buttons return 1 when pressed (True) or 0 when not pressed (False). Analog inputs return floating point values between -1.0 and 1.0. Here's a simple example of how to use the class:
Source code, setup instructions and more sample code for my xbox.py module are available on github
Note: xboxdrv will require sudo privileges to access the USB device. There are workarounds to this, which can be found if you Google around.