Yes and NO~ Learning Mandarin is difficult by itself and if you have someone to help you depending on how they teach you and their organization it could be helpful or not. Your speed might be at another level then their teaching so it really depends if the two of you click together well. 

Language exchanges can be very useful as it will force you to actually use the language.  And actually using the language is the biggest learning tool you will have.

The only thing is that in the few language exchanges I have done, it has been 80% English and 20% Mandarin.  Not a very fair exchange in my mind.

Getting a private tutor is much better in my opinion.  That way it is all about you when it comes to learning.

Why bother? Plenty of Chinese speakers in China. Once you can comfortably string together basic sentences, you'll have so many strangers wanting to ask you endless questions in Chinese that you'll start being afraid to speak Chinese in public. China is quite possibly the best country in the world to learn Chinese. I swear to God.

On the other hand, if you think that someone who is bent on learning English but has little or no access to native speakers to practice with is going to give you a fair exchange, all I can say is: prepare to give a free English lesson.

I have studied on and off for the last few years, and although any type of studying is useful, the only time I could see a noticable improvement was the few months I had a private tutor.

If you are interested in studying the characters you just need to sit down and do it. Rote repetition. But there are some good sources to learn that online - www.yellowbridge.com or www.nciku.com.

For speaking, its really helps to have someone teach you, otherwise you dont get a chance to practice and be corrected. Private tutors are generally not that expensive, and if you have any connections with some students in a university, its easy to find someone who has the time and wants a part time gig. That is how I found a tutor.

Language exchange are also fine but only if you find a good partner. As ExpatJohn mentioned, it often become a chance for them to practice english...because if they speak a decent level of english, they will revert to using that and not forcing you to speak mandarin. That is why private tutors are better, because teaching is their job, and they know you will stop paying if you arent improving.

But whichever way you do it, studying the language makes life more interesting here. 加油!!

i am a local guy wanna try language exchange,i know a decant level of english i think,but i think it's also poor so i am now improving it.
my oral english is a little poor,but my reading and writing egnlish is ok i think,so i can understand u...
we can have a futher communicate  to make a plan to learn language and then both can improve.whatever,i think become good friends is the most important thing! what do u think?
anijoe123@hotmail.com

I chose a gaming parlor sit in front of an old man start playing you will learn

Get a Chinese boy/girl-friend!

My Chinese is pretty limited, but I survive. Waht I've got has been simply attained from being in a particular situation, and wanting to say something..."how do I say this?", "What's this?", "I understood most of it, but what is XYZ?" - I think it works ok....