In light of there being so many better no-rinse sanitizers like iodophor and starsan out these days, the problem with using bleach on a regular basis, while at the same time using municipal water, certain minerals in whatever water you use and certain plastics, is that you could build up chloramines in your brewing systems, which could contribute to off flavors in your beer.
In some situations they work cumulatively by having little bits of chlorine in different parts of the brewing process that your beer may come in contact with, and it builds up and bammo plastic band aid flavor.
It's best to avoid chlorine as much as possible, and in the case of sanitizing ONLY in the most dire situations, like where you know for sure you have an infection.....we call it slash and burning.
I try to limit the amount of contact my gear comes to chlorine and chlorine products.
Chloramines are funny that way, some folks aren't affected, and in other situations the right combination causes it.
So it's best to reduce contact, especially with plastic gear, as much as possible.
You'll find a lot of good info/tips to effective sanitization here; http://www.homebrewtalk.com/f39/sanitizer-question-54932/