I have the exact same issue with my Mad Catz FPS Pro controller. The Device Manager sees it but when i try to update drivers, none found. I also downloaded and installed a driver I found online but it did nothing. I specifically bought the controller to play on my pc too since i don't own an xbox :( If any one finds the resolution, it would most likely solve my issue as well.
On a side note, I have the SFxT fightstick for PS3 which worked fine (plug &played).
Another side note, if you download this free program, it will resolve the issue. But install the one associated to your operating system!!!
http://www.motioninjoy.com/