I don't believe spanking is a healthy way to discipline a child because it is too easy to abuse. When you break it down and say--I want you to behave in this way and if you don't I will physically cause you pain--it is barbaric.
My daughters were well-behaved and we didn't spank. We talked to them, we used humor, and we told them the way it was and if they needed to spend a few minutes in their bedroom, then we did that (I guess that is a time-out).
When a child is disciplined with fear, you may get good behavior but not for the right reason, and not always when out of the sight of the disciplinarian.