The creators of Linux Axepad have created a .deb package for Ubuntu users. I was having issues with the other version off of rev-eds site. So far no issues with this one.
http://ubuntuforums.org/showthread.php?t=1113839
Once you have it installed you have to open a terminal and run "sudo linaxepad"
Click on options then port. Click on the axe027 modprobe button with the usb disconnected. Once you have done that click on USB setup with it plugged in and it should see it now. Then you can create a launcher for it or just run "linaxepad" from the terminal.
Hope this helps someone. :)
Have fun!