The shortcomigns--- people have already largely hit on those (and the solution to most of the shortcomings--- don't use so much damn bleach)
I use StarSan these days. There were a variety of reasons for changing. It started out as an experiement. Then I found another use for it (I make up a bottle of it for the food service area of a convention I help run) and eventually fell in love with the bubbles, to be honest. I like being able to tell if I've sanitized something (and am certain it has STAYED sanitary) by looking over and seeing the layer of bubbles on top.
Someone here (Dude, maybe?) also said that StarSan breaks down into components that are relatively harmless, unlike chorine, and my experience in dumping sani water in the back yard proves this out--- I no longer get grass that doesn't grow properly.
It's a little thing but I also like the bottle it comes in with the integrated measure device. It makes it really easy to mix up a batch. That it is shelf stable when mixed is nice too-- I can keep some made up for sanitation in other projects as well.
I used to argue with the anti-bleach set but, frankly, it got to be a full time job and made it less fun to be here at HBT. So I stopped.
Boittom line for me is this: Homebrewers who are social enough to show up at a forum or a club meeting tend to, in my experience, get way too obsessive about sanitation. You can get reasonably consistent results without the obessssive sanitation most frequently called for in discussions about sanitation.
I come from a family of homebrewers that has been doing this a long time adn I have seen or personally been involved with a laundry list of unsanitary practices that didn't destroy the beer. I put my bath toy in the wort. I watched the dog drink right out of the bucket. I forgot to sanitize a carboy. Yet my beer didnt' go south. Beer is pretty hardy stuff during that initial roiling ferment. Yeasties don't much like the competition and infections don't much like alcohol.
I'd have to say that maybe we need to modify the age old saying:
Relax, even about sanitation, don't worry and have a home brew.