Craftist

$data = <<<XML
<settings>
  <one type="gui" subtype="fullscreen">true</one>
  <two type="gui" subtype="alphablend">255</two>
</settings>
XML;

function parse_xml($data)
{
    $result = [];
    $xml = simplexml_load_string($data);
    
    /** @var SimpleXMLElement $node */
    foreach ($xml as $key => $node) {
        $value = [];
        
        foreach ($node->attributes() as $k => $v) {
            $value[$k] = (string) $v;
        }
        
        $value['value'] = (string) $node;
        
        $result[$key] = $value;
    }
    
    return $result;
}

var_dump(parse_xml($data));

array(2) {
  'one' =>
  array(3) {
    'type' =>
    string(3) "gui"
    'subtype' =>
    string(10) "fullscreen"
    'value' =>
    string(4) "true"
  }
  'two' =>
  array(3) {
    'type' =>
    string(3) "gui"
    'subtype' =>
    string(10) "alphablend"
    'value' =>
    string(3) "255"
  }
}