A "timeout" (or as my mother would call it "GO TO YOUR ROOM RIGHT NOW!") works as punishment for mysterious reasons. You'd think that the kid would be happy alone in his room with all those toys, but seeing an angry parent and then being left alone to think for a while seems to be reasonably painful.

I don't think the name "timeout" is good, though. It makes it sound too much like part of a game.

I agree, though, that the "timeout" shouldn't be the worst threat in a parent's disciplinary arsenal. Spankings should be given out rarely and threatened far more often.