In my opinion punishments should fit the "crime" and the child. I spanked my children but spankings were reserved for dangerous things. I am perfectly comfortable with the fact my children did not run out into the street because they were more afraid of getting a whack on the bottom than of getting hit by a car.
My parents believed wholeheartedly in "Spare the rod and spoil the child." And on many occassions those spankings actually became beatings that were more about venting their anger than correcting my behavior. I never thought I would raise a hand to my children. But my experience did affect me. No one, not even my husband, but me was allowed to spank my children. It was never done in anger. As a result, they knew if mom swatted them on the butt, she meant BUSINESS. I have four children and I have delivered five spankings.