I personally don't like the idea of spanking or any corporal punishment and wouldn't do that if I had kids.
I'm also glad my parents never did that. Spanking children is a lazy way of punishing your kid, it's much better to teach them why what they did was wrong rather than just hit them. And rewarding good behaviour via positive reinforcement is much better than simply punishing them which should only be a last resort imo.
Spanking should only be for pleasure between consenting adults.