Cal-hypo constantly adds calcium to the water. Continual use will eventually lead to higher than desired levels of calcium which can cause cloudy water and scaling.

Cal-hypo is usually, though not always, more expensive than bleach.

Cal-hypo will sometimes cause cloudy water though this is usually temporary.

Using bleach in your pool will make you smarter and better looking (I just made that up but you can use it in your chlorination arguments).