This is my new favorite site for learning Chinese...
Well, it's new to me anyway...the site itself has been around for years and they have a ton of content. I love that all of their podcasts are free to listen to, and if you pay for the annual membership, you get all of the transcripts and can download the podcasts. So far I have been listening to the "Absolute Beginner" podcasts online for free and will likely purchase a membership once I progress to the more challenging levels.
The hosts of the podcasts provide real-life scenarios and conversations, and then break them down line by line. Not only am I learning a lot of practical Chinese very quickly, I'm learning a lot more about the culture and how people really speak.