Make a 10% (or so) bleach solution and submerge/soak bottles. I have heard that you only need to do a 10 minute soak to sanitize bottles in this sort of solution but I don't think I've ever done a soak that short.
After soaking I drain the bottles and let them dry on a bottle tree.
I generally don't rinse them after wards but that doesn't mean you can't. I can't tell any difference in the beer taste between the times I have rinsed the bottles vs simply letting them dry, YMMV.
Some sort of large bucket/tub/cooler to soak bottles in
It has worked well for me so far.
Bleach is cheap
You can throw the bottles in there and forget about them until it's convenient to remember them (though don't wait months, see cons).
Works decently well for taking labels off of scavenged bottles
Generally I keep a cooler full of solution and it usually has bottles soaking in it. However bleach does lose it's potency over time and once I opened the cooler to find a lot of nasty slime growing in the water, that was not a fun afternoon.