Bleach is an excellent cleaner and sanitiser, personally I soak everything in a 5% bleach solution for 20-30 mins at a rate of approx 2 1/2 cups per 3 US gals to clean it after use. (if I have done the metric imperial conversion correctly)
(actually I use antiformin s, the stuff the major breweries use although it is very similar to bleach except is contains more caustic)
Once its clean, rinse thoroughly, allow to dry and store, then when once you need to use it, give everything a quick spray with iodophor or star san and 30 seconds later it's ready to go.
This is basically what the commercial breweries do although they will more than likely use peracetic acid as the no rinse sanitiser of choice.
If you do sanitize with bleach use the minimum recommended dilution which I believe Palmer recommends as 1 tsp per gallon and rinse thoroughly. If your tap water is treated by the water company (ie not from a well in the ground) it is perfectly ok to rinse with it.
If you acidify your bleach solution you can use a much lower dosage of bleach and there is no need to rinse (just air dry), if you get the acidification process wrong though it could potentially be hazardous, it's quite simple and is described by Charley Talley of Five Star Chemicals on one of the Brewing Network pod casts. It's not a new concept though and has been used in the food and beverage industry for years. There is a handy PDF document about it here... http://osuextra.okstate.edu/pdfs/FAPC-116web.pdf