I'm currently in the process of learning Mandarin and am finding "Listen & Learn Mandarin Chinese" to be a useful tool. I think it is best used with other materials (such as Colloquial Chinese by Pollard and T'ung) rather that stand alone and I think there are a few tricks that will make its use more fruitful.
Why I like it: It has over 700 phrases spoken by a native speaker. They are clearly spoken at full speed, rather than as a slowed down beginner's speech. This makes it valuable not only to parrot a few phrases, but to also train your ear to listen.
How to best use it: To use it best, I think it's best to edit the audio with a program like the freely available audacity. The guide that accompanies the disks recommends that one focus on learning no more than 10 or 15 items at a time, but the tracks typically have more on the order of 30 items. The end user would do well to break them up into smaller pieces. Also, it follows the format of speaking a phrase in English and then repeating it once in Chinese. This is acceptable if you are using it without the provided transcript, as would be expected during a commute, but it wastes valuable learning time if you use it at home. I'd suggest creating a version where the English has been cut out for home use. If you use it during a commute, I'd suggest economizing you time by editing the track to repeat the Chinese twice (one before the spoken English and once after). This will double your practice for each playing of the track while less than doubling the track duration. It also will give listening comprehension practice along with speaking practice.
If you don't mind the time spent in front of a computer screen, you can also use audacity to clip each spoken phase into a separate file and then paste it (both English to Chinese and Chinese to English) into a spaced repetition flashcard program like Mnemosyne (recommended) or Anki. The advantages of this are that the program directs your focus to those items that give the most difficulty, and that the order can be randomized so that you aren't using the order of presentation on the audio tracks as a crutch.