If you know Italian well and are into books, film, and other such cultural stuff this will definitely be your go-to place. The site is very rich and complete, insofar as a site can be complete for such a topic. Just take a peek at the resources on the left side of the home page, for example, under Web Utile. The online dictionary list will be useful even for those of you who are not yet proficient in the language, and includes absolute necessities such as the Italian-Ukrainian dictionary and the Italian-Piemontese dictionary (Piemontese and Ukrainian peeps- do not e-mail me to express disapproval of my irony, won't do any good).
I would not just check it out, I would bookmark it.