Kids and Spanking

I heard on WILK the other day that spanking has been found to be bad for kids.  I was spanked as a kid and I turned out to be a pretty solid person.  I don't think it was a bad form of punishment.  I don't believe in BEATING a child, but I think kids get away with WAY too much nowdays.  If your kids doesn't respond to weak discipline, what do you do?  I watch a lot of Supernanny and my kids respond well to the time out technique that she uses and we haven't spanked since they were really young and then we only did it when they were putting themselves in danger, but I'm interested to hear where other parents are in this discussion especailly when I see so many out of control kids everywhere.