Yeh I believe Grant is right; everyone will have a different opinion.
I cleaned up the chain on my previous mountain bike and it worked really well. I split the chain and popped in an empty coke bottle - but if you're a pepsi person you could use a pepsi bottle I guess. Then, I soaked it in Shellite (white spirit used for cleaning metal parts and for camp stoves) for an hour, shook the bottle around vigorously and replaced the Shellite. Then, let it soak overnight and did the same next day. Took the chain out of the bottle and gave it a good scrub with a brush then put it in the bottle again and shook the hell out of it. At this stage, the Shellite was staying quite clean.
I was using oil on the chain in those days (using wax based lube now) so I put the chain in a shallow container just big enough to hold the chain and sprayed half a can of chain oil onto it. The result was the chain was now submerged in chain oil so I wiggled it a round a lot and left it there overnight and worked it around again the next day.
Gave it a good wiping down before fitting back on the bike of course.
So, I reckon that cleaned the chain really well and lubed it up well too.
On the other hand, now that I've written all of that and reminded myself how much effort and cost was involved, perhaps a new chain would have been a better option
Just had the whole rear cassette off the bike and completely disassembled and cleaned up before the road race on the weekend too. Hmmm, starting to wonder if this behaviour is a bit obsessive/compulsive here

No, I had to take it off because it hadn't been assembled properly previously by someone else after a spoke replacement - 9th gear was bent out of shape because it wasn't aligned with the spline correctly. Anyway, now the rear cassette is gleaming. I've also worked out how to oil/wax the chain so it doesn't get dirty.

As for the chain, I'm wiping it down after every ride. I'm using the Rock and Roll wax based lube for road use. After lubing, give it another good wipe down. The whole drive train seems to stay clean and no sign of shortage of lube as far as I can tell. I haven't ridden much at all in the rain though which is where I've heard wax based lubes are weak.