I use "StarSan" to sanitize my equipment. Works great. Like a lot of people I started out using bleach and lots of water. After I listened to this podcast: (link) - i ordered some StarSan and haven't looked back. [the podcast can be opened in your browser, or you can right-click and save as to have for later listening. The good part of the interview starts about a quarter of the way in, lots of great information regarding sanitizing in general and Bleach and StarSan also.]
Anyway, I usually make between 2.5 and 5 gallons of StarSan solution and keep it covered for many weeks of usage. I check the ph with a strip every so often, and change it out when the ph is off or when the solution gets funky looking/smelling.
Another positive is that it is no-rinse. So I use less water - a definite bonus.
Many people get worried about the no-rinse, but fear not. As the saying goes... "don't fear the foam." Think of the foam as peace of mind.