At least for acros, Bayer has a good history of success. I've used it for 6 years now.
Pros:
-stuns AEFW
-cheap
-kills almost everything
-doesn't kill AEFW, red bugs, or vermitiid snails (a nuclear blast couldn't kill these guys either so I won't knock on its inability to do so)
-relatively harmless for acros. I can dose until its milky white and I can't see the acros and they are still fine... Exception being acropora surhasoni in my experience.
Cons:
-only stuns AEFW, so you have to give all frags a good shake in the water to dislodge any. When returned to water without Bayer, the larger ones will start recovering and start cruising again.
-I've seen red bugs survive Bayer. That's when Interceptor dipping is your friend.
-its a pesticide, so caution is required for your own safety and that of your tank. Wear gloves please!
-requires 2 to 3 rinses to make sure no Bayer gets into your display or it'll nuke your pod population.
-requires you to remove all base rock from frag/colonies as you don't want Bayer absorbing into the rock and leaching it out in the tank.
I've used potassium chloride more lately, almost exclusively these days. You can buy it as water softener pellets at a hardware store. The big bag is essentially a lifetime supply for most folks. The premise is raising your potassium level in the water from the usual 400 ppm to 1600 ppm for a short period of time, killing everything.
Pros:
-kills everything... I mean everything! (Exception being nuclear explosion-proof vermatiid snails)
-did I mention it kills everything?
-cheaper then even Bayer!
-not a pesticide, though you still might want to wear gloves... Leaving it on your skin too long can burn.
-easy clean up since not a pesticide
-only rinse once since its just higher potassium, not a pesticide
Cons:
-harsher on acros... You'll see mesenterial filaments and sliming on most acros
-crushing the larger pellets to dissolve is never fun but the smaller pieces dissolve pretty quickly
-can burn a bit if your hand is in the solution too long but a general stick your hand in to move the corals to a rinse bucket is no big deal
Here's an old thread I started on dipping which gives instructions on my 3 go-to dips. Again, I mainly just use potassium chloride these days for my acro dip and only use Bayer or Interceptor when needed. Also, this is for acro dipping. I haven't tried for LPS or softies since I only keep acros so don't try it and curse my name for killing your LPS and softies. [emoji4]
https://www.reef2reef.com/threads/triple-dip-combo.224494/