Although its good method with good moral standings, it won't work with some children. They could still grow up to be psychopathic or spoilt. Any other form of punishment would not have worked for me for example. Getting hit is more of a deterrant than a lecture for a majority of children. Anyway, if a child can get away with, it then they would probably try to.
I was both yelled at and smacked. Smacking worked for me, because when my parents used to get angry and didn't hit me, they'd say bad things. My low self confidence is based in what they have said. I prefer the smacking because its a short term pain rather than a longer term effect.

Would you tell off your child?