It strips right back to the plastic leaving it squeaky clean after a rinse under running water, leaves no residue of any kind.
Obviously care has to be taken not to spill it on nice clothes, it will take a spot of colour out of them, (remember the bleach tie dye t-shirts at the back end of the 70's, much fun was had and many a parent head shake in bewilderment and frustration for using all the bleach) 
Easiest thing to do is keep any old cheap apron handy, pop it on when bleaching, the process is so quick, I dip, strip, pile the bits into a tub then take them and rinse in the sink. I've never bothered with aprons personally and only use a pot as big as the part I need to strip, so far so good but I wear casual clothes for modelling anyway as I have gotten paint and glue and such on them before.