OS: Ubuntu 11.04 release 32-bit (libreoffice 3.3.2 removed fully and then LO 3.4.2 installed)
OS2: Lubuntu 11.04 (no LO, so clean install of LO 3.4.2)

1. Create/Use a xls spreadsheet file - one cell with number and other with text.

2. Start LO this way:
libreoffice3.4 --nodefault --minimized --nologo --norestore "--accept=socket,host=localhost,port=2002;urp;" &

3. Export reqd variables:
export URE_BOOTSTRAP="file:///opt/libreoffice3.4/program/fundamentalrc"
export PYTHONPATH=/opt/libreoffice3.4/basis3.4/program

4. Run this script:
import uno
ctx = uno.getComponentContext()
res = ctx.ServiceManager.createInstanceWithContext("com.sun.star.bridge.UnoUrlResolver", ctx )

cxt = res.resolve( "uno:socket,host=localhost,port=2002;urp;StarOffice.ComponentContext" )
desktop = cxt.ServiceManager.createInstance( "com.sun.star.frame.Desktop" )

def makePropertyValue(cName, uValue, nHandle, nState):
    core = cxt.ServiceManager.createInstance( "com.sun.star.reflection.CoreReflection" )
    oXIdlClass = core.forName( "com.sun.star.beans.PropertyValue" )
    oReturnValue, oStruct = oXIdlClass.createObject( None )
    oStruct.Name = cName
    oStruct.Value = uValue
    oStruct.Handle = nHandle
    oStruct.State = nState
    return oStruct

props = tuple([makePropertyValue( 'ReadOnly' , True , 0 , 0), makePropertyValue( 'Hidden' , False , 0 , 0)])
doc = desktop.loadComponentFromURL( "file:///home/ubuntu/4_April_Accounts.xls", "_blank", 0, props )

# Print sheet name
print oSheet.getName()

# Print cell at position 0,0
oSheet = doc.getSheets().getByIndex(0)
oCell = oSheet.getCellByPosition( 0, 0 )
print oCell.getValue(), oCell.getFormula()

5. It looks like the data is utf-32-le, but even then there are some extra characters at end.

Even if there was a way to get string out of every cell's value, functions like oSheet.getCellRangeByPosition( 0, 3, 0,  3 ).getDataArray() that return matrix of arrays make it difficult to apply the utf conversion.

NOTE: The same script print human readable unicdoe utf-8 encoded text in LibreOffice 3.3.2 bundled with Ubuntu 11.04. Probably that contains OOo forked code as-is.