Unfortunately my brother and I were subject to this 'method'.
I consider it most ineffective.
A parent should never touch their child in anger. Whether you like it or not, you are responsible for every aspect of their development. They're depending on you, as a parent to shape their reality. Their expectations. Their responses to positive and negative stimuli. Abuse hardwires a child for that pain. You're not effectively fixing any defect or inappropriate behavior,
you're destroying a person..
That being said, I'm not the type of person that would be a lenient parent, either. I feel, as a person... that if I were to be responsible for another human being, that I would have to apply logic and objectivity to as many areas of child-rearing as is appropriate. Obviously there are some situations where my own moral views may affect my actions... I've talked to a lot of people, and it seems best that in matters of parenting.. It's important to be as rational as possible -- to become as emotionally detached from your own inclinations/expectations of the child and simply try to show them how to be a healthy adult.
Nurturing your child into a healthy, productive adult is your top priority. And, I'm sorry but.. abuse has never made for any healthy adults. Neither has coddling or lipservice.
You set a gold standard. A child will automatically be programmed to believe that the behaviors you teach them are 'normal'. They will develop around this basis.
That being said, it's your job as a parent to make sure that the 'normal' you show them is as close to their best possible interest as you can manage. There's a lot they need to learn, and it's your job to make sure it'll serve them optimally in their adult life.
That being said.. Parents should consider the world their children is growing up in as well. Traditional/conservative views are simply not going to serve as much of a purpose in our changing world as a more enlightened, worldly, possibly even secular approach would.