Is it Ever Right to Physically Punish Your Child?

This is going to be a short post:
I read Monique-Renae's blog this morning - she wrote about the physical abuse she experienced at the hands of her father and how it has impacted on her life and her relationship with both parents. (Do visit her blog and say 'hello'.)

It got me thinking about the issue of whether it was ever right to physically punish your child. Do parents have the right to give a child 'a little slap'?

My feeling is that it is never correct to inflict physical punishment on a child. If we are trying to raise children in an environment where attacking others (regardless of how 'lightly') is wrong then how can we expect them to treat others?

I have heard the arguments that sometimes it is necessary to immediately stop a child from doing something dangerous and a slap is required to show them just how serious their misdemeanour is.
I don't buy it. I believe children should not be violated and physical punishment is out and out abuse, in my book. You may disagree/agree - I would like to hear your views.