Well, DS is only 4 months old, so it is not something that we have had to deal with yet. But, it is something we have talked about alot. I don't have an issue with spanking in general, just don't know if I would personally spank. I can have a quick temper, and I just would hate to ever spank while angry. I think that would send the wrong message.
My parents used to spank, and they would never do it on the spur of the moment. They would always send me to my room, tell me to wait there, and come in about 30 minutes later to do the deed. Seriously, the waiting in my room was the punishment, not the few spanks. I always knew the difference between when my parents would spank me, and hitting someone out of anger. I never grew up thinking it was OK to hit, just because I was spanked. It did teach me that when I disobeyed them, they meant business.
These are just my personal experiences with spanking.
But hopefully DS will be an angel and we won't ever have to worry about punishing him...