To spank or not to spank?

I read an article at MSN.com today about the parenting debate over whether or not you should spank your children. I'm not a parent, but I always find parenting articles interesting because it teaches us basic principles of psychology.
I wasn't spanked until I was ten years old, and as you can imagine it wasn't very effective. I thought my dad was kidding, and when he bent me over his knee I laughed uncontrollably during the whole procedure. My dad got fed up and went to complain to my mom that I wasn't taking it seriously. Sorry dad, but what did you expect?
I'm pretty sure I won't spank my kids either (I don't even hit pets to reprimand them), but I can see how it could be difficult not to at times, when you feel like you are "losing control" as was stated in the article.
Parenting has to be tough. I'm certainly not ready to have a go at it any time soon.