First off, I don't think that violence should be the last resort to teaching a kid from right and wrong, the main reason being that they're kids; of course they're going to be making their first mistakes, and to me it seems unfair to punish them in such a way for that.
That said, I mostly just see the entire process as unnecessary. It's terribly ignorant that some people on here seem to think that there are only two extremes: parents who spank their child and grow up to be law-abiding citizens, and parents who bend over backwards to please their little brats. There's so many different things in between, and just because you don't hit your child doesn't necessarily mean that you're a crappy parent who gives them everything they want for fear of upsetting them.
I was brought up in a household where my parents didn't dream of putting a finger on me, and my parents where always awesomely kind and friendly, made me laugh, and I adored them. Then, when I did something wrong, they turned extremely serious and got their 'damn angry and disappointed' voice on, and did whatever else necessary (taking away toys, etc.). It sounds like tosh to write it down here and now, but for me, it scared the shit out of me and I felt terribly guilty afterward, because it was just such a complete change of character, which I knew I'd caused, and I didn't want them to be upset with me.
I've probably explained that really shittily, but yeah. I turned out completely fine, and I thank my parents for bringing me up as they did.