I've been happy with making up about a cup of really strong sanitizing solution, and pouring it in a bottle. With rubber gloves on, I shake the hell out of it for about 30 seconds, then pour into the next bottle, and let the first stand. Continue until all bottles are done and have sanitizer residue in em. Then, you need to rinse each bottle 3 times. Just a little water, like a couple tablespoons, swirled and shaken around, and dumped. 3 times. Now you have sanitized rinsed bottles and are ready to go. (if you are using a chlorine based sanitizer, rinse until you can't smell chlorine - but 3 should do it) For the caps, I just put them in a bucket with a bunch of sanitizer, and swirl em around and let them sit while I'm doing the bottles. Then I rinse the whole bucket out 3 or four times with hot water. Then as I'm bottling, I just grap a cap with each bottle.
The idea is to work reasonably quickly - everything stays wet, but the bottles have an exposed time after sanitizing of maximum 20 minutes, before they are full and capped.
I keep a bucket of sanitizing solution around, so I can constantly dip my gloves in and rinse and keep clean that way. I run the autosiphon in the bucket, pumping solution through, and all funnels, air-locks etc get treated in there too, depending on what stage of the brew I'm at.