I believe prestomanifesto was on the right track. It depends on what kind of element it is. You would need to use element.get_attribute('value') for input elements and element.text to return the text node of an element.
You could check the WebElement object with element.tag_name to find out what kind of element it is and return the appropriate value.
This should help you figure out:
driver = webdriver.Firefox()
driver.get('http://www.w3c.org')
element = driver.find_element_by_name('q')
element.send_keys('hi mom')
element_text = element.text
element_attribute_value = element.get_attribute('value')
print element
print 'element.text: {0}'.format(element_text)
print 'element.get_attribute(\'value\'): {0}'.format(element_attribute_value)
driver.quit()