Default setup, IIRC, is this:

X = Accelerate
[] = Fire
O = Absorb
/\ = Look back
Select = View change
R2, L2 = Airbrakes

Yes, you can assign each button individually. Personally, first thing I'd do is reassign the airbrakes to R1, L1 - I just can't deal with the analog-ness of the rear ones. Airbrakes need to be quick and responsive imo, and forget double-tapping analog triggers.

Furthermore, you can of course choose if you wanna use the sixaxis
- not at all
- just for pitch
- for pitch and steering

then there's some sensitivity settings and a rumble on/off, and that's it.