Indeed you can use it as a no rinse if you mix it in low enough concentrations, for me it just seems a waste of time using it if you turn around and rinse it with tap water. We do have access to some very good cheap no rinse sanitizer here in the the States so I take advantage of them. If I lived in an area where good sanitizer were hard to find I'd certainly use bleach, although I'd be much more careful of the concentration.My first three beers were ruined due to the use of bleach as a sanitizer, I used to much and though I rinsed 3 times with hot water it still wasn't enough.
Edit: Just wanted to add that I didn't mean to knock bleach as a sanitizer I just meant that if you have better options why not take advantage of them.