I've tested love for android on my xperia play, and it is running pretty smooth. The only problem I've found so far is that while it detects the presence of a joystick, that joystick only has 2 axes, which however are not input from the "sticks"; they are instead mapped to the accelerometer. Xperia Play and Xperia Play 2 have a Playstation like game pad with 4 more axes, a 4 button D-pad (similar to a hat), 2 sholder buttons and 4+2 other buttons of which only the O (circle) is currently mapped to the back button (which in turn is mapped to ESC). The rest of the components do not register any events.
On a side note, it has 4 front buttons (back, home, menu and search) all of which work as expected, however the "search" button appears as "unknown" in love.