TWO cobra taps with racking canes on them. One to beer and one to CO2?
That is what I do. I line up all my clean, sanitized bottles (on a puppy training pad for easy cleanup) and then top each with a sanitized bottle cap. I hook up a cobra tap to a clean keg that I've filled with CO2 by pushing 5 gallons of Star-San out of it. I use a length or racking cane stuck in the picnic tap to reach the bottom of the bottle. Having sanitized my hands, I lift the cap off each bottle, stick the racking cane to the bottom and blast w/ CO2 for a few seconds, then replace the cap. Once I've purged them all, I fill them with beer and give each a little shake to make sure I cap on foam.
Before I added the CO2 purge, I would get comments from judges about staleness and oxidation in beers I'd had around in the bottle for more than a few months. Since I added the purge, I've had two beers bottled over 9 months old take gold (one was a light lager!) and no more oxidation comments. So I believe it's made a difference in my competition beers. If I'm just filling a few bottles for a party or something, I don't bother.
I feel like I'm doing the same thing as a CPBF, just in two steps. (but way cheape.. um.. frugally.)