The whole process is like this:
* exposure converts silver halide to silver halide in a higher energy state
* development converts the activated halide to metallic silver; in C41 the couplers also produce dyes in the same step
* C41 bleach converts metallic silver to silver halide
* fixer removes silver halide but not metallic silver
If you consider normal B&W, there is obviously no bleach because the metallic silver is the image. With C41, the dye is the image so the bleach step is required to enable the fixer to remove the developed silver. If you don't fix, you end up with an emulsion full of silver halide that would slowly print-out, covering up the image.
If you bypass (or reduce) the bleach, you end up with the dye image superimposed on a (partial) silver image, which makes for a very thick negative with low saturation; it's effectively the subtractive product of a colour image and a B&W image. Google for "bleach bypass" sometime. The bleach also seems responsible for stripping back some of the dye in the film base; without bleaching you get a thick, dark film-base.
Once the bleach has run, you're not re-developing (the halide being activated is irrelevant to the fixer), so a bit of light doesn't matter. If you leave it out in the light and unfixed long-term though, then all of halide will print-out (undo the bleaching), i.e. develop itself physically into a solid layer of silver.
No idea what colour it looks like prior to bleaching; my film stays in the drum until I'm done with the whole process. I find that wet C41 (Kodak, at least) is brown on one side and purple (possibly fluorescent, like some developing agents) on the other with a bit of milkiness (purple side probably); the purple fades as it dries and you end up with the uniform burnt orange mask.