Phew, took a nice while to wrap my mind around how the controls work, but now I have a small app with three text fields constantly updating with the accelerometer data. For extra credit I added an image too which moves based on the accelerometer data.
Funny "bug" I had was registering to receive accelerometer events, then not receiving any. For the life of me I couldn't understand why. I was running the app in the simulator at this time. Went to meditate on this by pwning some noobs on Half-Life 2 DM and after coming back and looking at it again it was stupidly obvious - it's a SIMULATOR. It HAS NO accelerometer! So after running it on the real device it worked just fine :-)