Lorna Mitchell has a new post to her blog with a quick example of how to get namespaced values with SimpleXML out of a properly formatted XML file.
Recently I was working with some google APIs and needed to retrieve some namespaced elements from the result set. This confused me more than I expected it to so here's my code for the next time I need it (and if you use it too, then great!) I was reading from their analytics data feed API, this returns a few key fields and then multipletags, each with namespaced children.
The trick is to grab the current document's namespaces (via getNamespaces), finding the key for the ones you want and grabbing them as children.