Series that converge to $\pi$ quickly

The series $$ \sum_{n=0}^{\infty} \frac{(2n)!!}{(2n+1)!!} \left(\frac{1}{2}\right)^n = \frac{\pi}{2}$$ converges quickly. Here $!!$ is the double factorial defined by $0!! = 1!! = 1$ and $n!! = n (n-2)!!$

This is series is not too hard to derive. Start by defining $$f(t) = \sum _{n=0}^{\infty } \frac{(-1)^n}{(2n+1)}t^n.$$ Note that $f(1) = \pi/4$ is the series you referenced. Now we take what is called the Euler Transform of the series which gives us $$ \left(\frac{1}{1-t}\right)f\left(\frac{t}{1-t}\right) = \sum _{n=0}^{\infty } \left(\sum _{k=0}^n {n \choose k}\frac{(-1)^k}{(2k+1)}\right)t^n.$$

Now $$\sum _{k=0}^n {n \choose k}\frac{(-1)^k}{(2k+1)} = \frac{(2n)!!}{(2n+1)!!}$$ for hints on how to prove this identity see Proving a binomial sum identity $\sum _{k=0}^n \binom nk \frac{(-1)^k}{2k+1} = \frac{(2n)!!}{(2n+1)!!}$. Now put $t = 1/2$ and the identity follows. Showing the error term for the nth partial sum is less than $(1/2)^n$ is not too difficult.

The BBP formula is another nice one: $$ \pi = \sum_{k=0}^\infty \left[ \frac{1}{16^k} \! \left( \frac{4}{8k+1} - \frac{2}{8k+4} - \frac{1}{8k+5} - \frac{1}{8k+6} \right) \right] $$ It can be used to compute the $n$th hexadecimal digit of $\pi$ without computing the preceding $n{-}1$ digits.

I think you may find interesting to browse the webpage of Jon Borwein, which I would call the standard reference for your question. In particular, take a look at the latest version of his talk on "The life of pi" (and its references!), which includes many of the fast converging algorithms and series used in practice for high precision computations of $\pi$, such as the one from this Summer.