i dont have kids yet but a good spank is fine, just like what i experienced from my parents when i did bad things worth of a spank, i respected them much about that, because after they spank me, we had a heart to heart talk on the reasons of punishments and the consequences of doing bad deeds. It helped for me, discipline wise. I thanked my parents for that.

My mom spanked me and I think I turned out pretty darn good.

No,I would rather reason with them, ask them gently to come back to the curb as big cars are coming and they would smash them flat. And as the two year old ponders that, I would respect their individuality and admire their agility, as they run away from Mommy, it is such a fun game.
Of course I would be counting to three, and threatening with a BIG time out. Spanking is so out of style. Children grow up with a complex,they learn to be aggressive. My child on the other hand... where is my child?