I just had a go-round with a friend of mine on FB about this. He's firmly in the "Hell-yeah-that's-what-I'd-do" camp.
I probed him a little on his position and he feels that if his parents hadn't been so leanient, he'd be better of today. He believes that a little- and I quote "fear-induced respect" would have saved him from a lot of bullshit in his life, so he's going to do what it takes to make his kid learn from his mistakes. I finally had to break off the conversation, because FB is not the forum for the rage I felt welling up inside me.