I exclusively use Iodophor, an iodine-based sanitizer. After rigorous cleaning with B-Brite cleanser, I use Iodophor for carboys, equipment, tubing, and bottles. Others on this board use it but probably a minority. It does not have to be rinsed off after a soaking. My LHBS says it probably costs less than K-Meta; I have not run the numbers. Iodine-based sanitizers in their concentrated form can stain equipment and counter tops. That is not a problem in correctly diluted amounts. I have yet to stain anything permanently with it other than tubing that has a slight tint. I mix the original batch as per instructions but over time the solution can become dilute (lighter in color). On the fly, you can accurately estimate the proper concentration from the color of the mixed iodine solution. If its very pale orange or very dark orange to brown, it is not the proper concentration. I like that color indicator.
Your K-Meta sanitizer you make up is clear and can, unbeknownst to you, lose its concentration over time. K-Meta requires storage in non-metal containers. Short of testing for its strength, there is little feasible way to determine the effective concentration of K-Meta. Over time it loses its strength, as does iodine-based sanitizers. K-Meta does age on the shelf, losing some of its effectiveness but it's not talked about much. Some asthmatics are allergic to K-Meta and cannot use it without exacerbating an asthmatic attack. K-Meta will corrode metal such as the spring in your bottling wand and other metal parts.
Used properly, both are satisfactory sanitizers; both have advantages and disadvantages. Some on this board have called K-Meta the "gold standard" of sanitizers but that does not mean it is without its limitations.
I soak most items in iodine from 2 to 4 minutes, depending upon the concentration. It seems too good to be true that you just spray something on your equipment for 5 seconds and BAM, it's sanitized. Over time you can let your experience be your guide. If you have trouble with off-odors or objects floating in your wine, you should evaluate whether you are using an adequate sanitizer and appropriate cleaning and sanitizing techniques.
I think adherence to a set routine is critical. Mine is: wash/scrub clean with B-Brite, rinse with water, soak in Iodophor, let dry & use soon. After use, rinse well, wash/scrub clean with B-Brite, rinse with water, soak in Iodophor, put away dry. Next time, start over again. The rinsing WELL immediately after use I think is a critical part of the routine as it avoids a lot of potential problems, especially with bottles just drunk & emptied.
Others may do things differently and that's OK too.
NS