Smacking will only make your children listen until they're as big as you are. Which is exactly the time that you need them to listen the most. Of course, it works in the short term, which is why it's so popular.
It's pointless IMO. From 0 to about 11ish, you're laying the groundwork, and although generally they will believe that you are the font of all knowledge, they will also learn more during this time about the way the world works and the way people interact as humans, from the way you are than the things you tell them. Then after that you have to sit tight and hope like hell they've learned some good, useful things from you, because they get to an age where their own opinions, their friends and other outside influences are suddenly equal to or more worthy than your opinions. Do you remember being a teenager and thinking that your parents were just plain wrong on some issue or another?
I think the same about any generic punishment though, whether naughty step, screen ban, removal of pocket money etc. If you're going to teach your child something you need to do something which will show them why they are wrong, give them the tools to deal with the situation better next time, or guide them into making things right (so, e.g. removal of pocket money to pay for something damaged is fair). Preferably all 3, but one or two is adequate.
You can't control what kind of outside influences will be around your children when they're in their teens, but it makes logical sense (to me anyway) that if they've learned in this way that they are much more likely to come round in the end, than a child who is taught that they shouldn't do bad things because something might happen to them which they don't like, if they get caught.