Omission/Time-Out vs. Corporal Punishment

What is your stance on this, and why? In your opinion, should you spank your children for misbehaving, or should it ONLY be used as a last resort? Some say that it should be removed altogether, and that time-out and ideas like that should replace corporal punishment. So what is your take? What have you found that has worked, or what have you found that hasn't worked?

This is in the 'Faith, Spirituality, & Theology' section because those ideals can effect a person's answers on this subject, also it was the closest one I found to the topic.