I was taught to do:
<a href="http://www.google.com/">http://www.google.com/</a>
as opposed to:
<a href="http://www.google.com/">Google</a>
Is this still the standard way to do it? I was told that it helps the use to identify that they will be leaving the site so that's why you should include the full URL.
No
If it is important to inform the user he is leaving the site you can do what Wikipedia does and put an image next the link, like: