Apart from the fact that it is illegal: your kid will resent you. Sure, they might grow up all fine, but do not think that resentment will ever go away.
Apologies, let me clarify. I'm not trying to justify spanking. I'm arguing that the occasional spanking from loving parents doesn't cause the horricific long term psychological damage everyone seems to think it does. A couple of spankings over an entire childhood, while an arguably poor parental decision, does not equate to child abuse.