My biggest mistake as a child was whispering to my brother, "it doesn't hurt when mum hits you, but just cry anyway and she'll stop sooner." Unfortunately, Mum overheard me and switched to one of Dad's leather belts for the following belting. I've learned to whisper much better since then. My father used to belt me for not eating my dinner quick enough which was a bitch. I blame him for the love handles since apparently your food digests better if you eat more slowly.
I have children of my own now. They're 8 and 9 and they're no strangers to the odd smack on the bum. I rarely resort to this as a punishment though. I find that if I show my children my emotions and how their actions have affected not only me but perhaps other people, the guilt trip is much more effective.
To me, discipline is about consideration. Consideration is learning how your own actions affect the people around you and to be conscious of it at all times. If the kids yell and misbehave when I'm trying to talk on the phone, they're being inconsiderate, hence, they are punished. Usually the punishment for that is that they have to leave the house and are not allowed back inside till the next meal is served. (we have a perfectly good back yard for them to play in, however, they can't play xbox or anything like that outdoors, so it's a suitable punishment most of the time) A child doesn't need to be punished very often to learn a lesson if the punishment fits the crime, and they know you're going to follow through when you say something. That's the key. Consistency. If I'm consistant with my punishments, the kids will know what to expect, so I'm showing them consideration.
