Household bleach plus water in itself is very bad at killing spores, mold and wild yeast. Bleach in wrong concentrations can really screw up a beer, even if you do rinse. BUT... and it's a big BUT... as was pointed out earlier in this thread, a household bleach plus water solution that is then acidified with white vinegar, at the right concetrations, will sanitize in minimal contact time.
According to this
Basic Brewing podcast , the right concentration is 1 oz of bleach, for 5 gallons of water, provided you add 1oz of vinegar to the water afterward.
I repeat, you add the vinegar to the water after adding the bleach. Never the other way around and
never mix bleach and vinegar. If you mix vinegar and bleach together, you'll release chlorine gas which can be deadly. The guest on the podcast is none other that Charlie Telley, inventor of StarSan so you know it works.
Also, this will work provided you buy the cheapest bleach you can find in the smallest possible container. Store brand usually will not have as many caustic (sodium hydroxide) as the name brand, which means it goes bad faster, but that it also releases more hypochlorous acid, which is what actually does the killing. At that level, rinsing is not required (you're at 80 parts per million) and contact time needed ? 30 seconds. With high pH (no vinegar), high contact time doesn't matter, it won't kill anything.
Does it all really matter ? Not really. StarSan and Iodophor are easier, and arguably, safer to use. But to say that bleach will ruin beer is simply not true, provided you know what you're doing and you're doing it correctly. Personally, I use the acidified bleach solution. It works for me. I also bake my bottles. It works for me too.