I etch with cupric chloride, as do most larger manufacturers. The end product is essentially just more cupric chloride. (Some water and hydrochloric acid are added along the way to keep copper salts from precipitating out of solution). I simply siphon off excess etchant as it's created, dry it in the sun, and then I collect the copper chloride/oxide salts in a Tupperware container; pretty, green, dry (not a hygroscopic sticky mess like ferric) crystals. As long as the copper doesn't get thrown in a land fill where it gets into open water, there is no toxic danger to land animals or humans. I don't neutralize with baking soda; bulks up the end solids.
Last I checked, copper is pretty expensive. If scrappers and junkies can get money for copper pipe, I figure copper salts should have some scrap value. I haven't gone quite that far, yet. It'll be another lifetime or two before I have enough to bother with.
Simply pouring used etchant down the drain isn't all that bad for the environment, either. As long as you're not on a septic system. But your pipes are a different matter. Fun fact: ferric chloride is used by the ton to treat waste water.