I think the most important thing is knowing what you are being punished for. I can safely say the stuff my parents said did far worse than the things that they did, so spanking, pushing, throwing things at me or being slapped across the face was the least of my worries.
That being said, while I have no intention of having children, I likely wouldn't spank them. I am worried that I might be psychologically abusive as I already have very little patience with young children. I don't think spanking is bad. As I said, that was the LEAST of my worries (and I got chased out with a knife on several occasions.) I never quite knew what I was being punished for...so I didn't want to DO anything. I would go straight to my room and study for fear of reprisal and I pretty much learned not to ask for anything.
Without a clear understanding of the punishment relationship and under what conditions these punishments were being executed, I can safely say I did not make it out of childhood entirely well. As long as punishment is consistent and clear, (and doesn't involve breaking bones or other obviously absurd punishment)there shouldn't be a problem.