Milton Fluid is basically a mild bleach that's specifically designed for disinfecting/sterilising babies' bottles, water tanks, food prep surfaces, brewing equipment, etc. It is designed to be stable (i.e. not break down into more toxic chemicals while left in its container), and to be relatively easy to rinse off after use. It is both milder and more 'pure' (e.g. contains no additional surfactants, fragrances, thickeners etc) vs household bleach.
You'd want to make sure you rinse/flush the surface/tank/pipes a couple of times after cleaning with Milton Fluid to avoid an unpleasant taste, but it's not as potentially harmful as some household bleach, and in my opinion no 'natural' solution (I'm thinking combinations of vinegar, lemon juice, baking soda etc) can do as good a job of eliminating the buildup of bacteria (which is an 'unnatural' process to begin with!).
There seems to be a fair bit of talk on 'green living' websites about hydrogen peroxide solutions as a more 'natural' alternative to Milton/bleach solutions, but it seems you need a pretty high concentration of hydrogen peroxide for it to be effective. It's also much more unstable and liable to break down and become ineffective as a cleaning solution. It also doesn't seem any more 'natural' to me than Milton!
Some more info from the
Milton FAQs page:
What is Milton Fluid made of?
Milton Fluid is 2% sodium hypochlorite (bleach) and 16.5% sodium chloride (common salt), dissolved in water.
Will Milton have the same effect as bleach on a work surface?
No. Bleaches are usually concentrated to between 5 and 10% and can contain thick detergents to withstand rinsing and flushing. They are dangerous to handle at this concentration. They will leave chemicals behind on the surface which will chemically contaminate and taint food. The bleach may also harm the work surface. Although Milton is less concentrated, it will still have the same germ killing effect as bleach.
-Rob