I was hit as a child - not often (I didn't misbehave much) but when it did happen .. let's just say it was thorough. Thinking back, I actually think it's one of the main reasons why I'm close with my brother. I also attribute most of my success to the discipline that my parents instilled into me (I doubt any other punishment would've made me change my ways as fast).
Thinking forwards however, I wouldn't treat my children the same way (not least because I've learnt it's illegal) but I'm unsure as to how I would discipline my child. I know I, at least, wouldn't have responded to 'going to my room' or 'having no supper'. Watching programs like 'Super Nanny' also makes me worry as how I would effectively discipline my children without them turning into menaces to society.
Oh well, I guess I'll cross that bridge when I come to it...