IMO, the rinsing defeats the purpose.
Although I use StarSan, I don't agree about the rinsing. I've always considered this an overblown worry unless you are using your own well water. I like the no-rinse stuff because I don't need to do the extra step of rinsing, and that it takes more effort to use bleach effectively. Charley Talley (Five Star Chemicals, who used to be in the bleach manufacturing business before Five Star) has some really good info on how to use bleach correctly in one of the interviews he did with Basic Brewing Radio or Brew Strong (I don't remember which). Two of the big things I recall are that you want to acidify your water with the bleach, and that large brand bleach loses its microbe killing potency over time because they add sodium hydroxide and the cheap brands don't. Also, if you do the acidified bleach treatment in the right amounts, you don't need to rinse it anyway. Obviously if you want to go this route, make sure you read up on how to do it so that you don't end up mixing your acid and bleach first before adding it to the water.
If I remember right, you acidify the bleach water with vinegar. Also, the large brand bleaches are more effective for general
use because the manufacturers raise the pH, and they will stay effective for much longer than the cheap brands for that reason. However, for our
use you want to buy the cheap stuff because you want to lower the pH to increase the effectiveness, and it is better to do that if they have not buffered the pH.
Or, you know, use starsan. That's what I do.