I soak in Oxy, then jam the tubing over the end of my kitchen sprayer, and let 'er rip with hot water. That seems to flush out any goop that's still in the tube. Flip it around, blast it from the other end, and it's clean and ready for the next batch.
I replace it every few batches, because it does get pretty nasty, and I'd much replace a couple of feet of hose than a batch of beer.