Cal-hypo costs more and it adds CH. Eventually your CH level will get too high and that can cause scaling, which can be really expensive to fix. If your CH level is low enough and you don't mind spending money then there is nothing wrong with cal-hypo. Bleach does involve more carrying, but most people are more than happy to do that in order to save money.
If you are having problems with bleach that is less than the listed percentage then buy a better quality of bleach. Clorox seems to consistently have a slightly higher active percentage than stated on the label. Some house brands are good, some not so much. WalMarts house brand has been reported as good several times. Many pool stores sell 10% or 12% chlorinating liquid that is usually fresh and easier to carry than bleach.
The total amount of chlorine required is going to be the same with bleach or cal-hypo.
I'm wondering the same thing-I'm very interested in the cal-hypo pellets as an alternative to di-chlor and tri-chlor with its cya issues that complicate your pool water chemistry. My pool was a mess so I had it purified (RO by puripool) and now the water is crystal clear. My beginning reading; cya was 140 and now 45, calcium hardness was off the chart 1100+ and now only 260. I then hunted and found a water filter purifier for my outside water hose (no auto fill feature) so now when I need to add water due to evaporation, I won't be defeating the purpose by adding our AZ extremely hard water to it. I have been learning a lot from having my pool water filtered and explained why my pool was not holding chlorine and in such bad condition. I want to make sure my sanitizer is not working against me and in time trash my water with the so called stabilizers additives. liquid bleach is something I don't want to handle or breathe on a daily basis or deal with another piece of equipment (feeder) to buy and maintain. I also read that liquid bleach loses its potency sitting on the store shelves and it shouldn't be stored in the heat because it degrades and can be hazzardess. I can't find the lithium version in pellet so the calcium seems the next best choice to me. It would seem as long as I don't have hard water in my pool to begin with, the calcium issue would not pose any real problem for me. Not sure how much calcium builds up over how long either. The Lithium powder version seems like the all around best choice because it has no junk in it at all and I heard it costs more but then you have to balance that against all the other problems, time and money using the others in the long term. The sodium (liquid form) adds sodium to the water and so I'm leaning toward the cal-hypo that might be the best solution in my case. My senerio might bring a different insight since my water has been cleaned not drained and adding crapy water back in from the spicket.... I want to keep it that way.