I had my Chinese visa application done last Thursday, 25/03/10. It was a fast application.
I printed out a form from the Chinese embassy's website, and had all my particulars filled in before I made a trip to the Chinese Embassy in Ampang, KL.

You can print the forms from HERE or get the form from the embassy, which is free.

I only waited for five minutes before my number was called. It is not necessary to go there early in the morning and join in the long queue, unless you need to go to work in the afternoon. To get there, get down from Ampang Park LRT station. It's a five-minute walking distance to the Bank of China building.

Visa application fee: RM30 + RM28 for the application service fee. Hence, RM58 in total.

The visa application process may take up to three days (max) to process. If you wish to collect your visa the next day or in two days time, you may have to pay more for the application service fee.

Things to bring:-
1) Passport
2) One Passport Size Photo
3) Visa Application Form (Print from Here)

The opening hours/days:- (Monday - Friday)
Visa Application hours: 9.00AM - 3.00PM.
Visa Payment & Collection hours: 9.00AM - 4.00PM.

Address:
China Embassy of the People's Republic of China
2nd Floor, Plaza OSK, 25 Jalan Ampang, Kuala Lumpur
Website: Chinese Embassy, Kuala Lumpur
E-mail: klcentre@visaforchia.org
Tel: 603 2175 8888 Fax: 603 2175 6888