Liquid Chlorine

Liquid Chlorine, often referred to as bleach, is actually sodium hypochlrite.  Many service companies prefer the use of liquid chlorine because of it's lightning quick results, and because it is an economical sanitizer for swimming pools. 

Types - Liquid chlorine is most often purchased in 1, 2.5, and 5 gallon containers usually averaging anywhere between $4 to $8 dollars per gallon. 
It is important to realize that some chlorine are 6% strength whereas others may be 12.5%, this is where as a consumer you need to do some math.

Pros

1. fast acting
2. unstabilized, (only a pro if you have high stabilizer)
3. economical
4. ease of use
5. High PH

Cons

1. Must be handles with EXTREME care
2. Unstabilized, this means your actually going to use more chlorine in the long run as compared to a stabilized tablet.
3. Weak in comparison to many other types of chlorine

One solution to the stabilization product would be to buy some "cyanuric acid" at your local pool store, this usually only needs to be added once per year, you want your reading to be from 40ppm-70ppm, and that will lengthen the life of your liquid chlorine.

Another tip, and this is a big one!  If you chlorinate after the sun goes down you will get much more kick for your buck!  Always handle chemicals as instructed by manufacturers and professionals, they are ALL dangerous in there own way.  NEVER MIX CHEMICALS!!!!!!!!!!!