rollin:
I may be in the minority.
If you are, then so am I. For me to enjoy a story or a film, spanking or otherwise, I need to have an emotional reaction to the characters. I might like, pity, detest, or be amused or infuriated by them, but the connection must be there.
An analogy can be drawn with the better 'Disaster' films. The first hour of the film is generally taken up with getting to know the characters, so that when they are eventually eaten by a shark / drowned by a tidal wave / sucked into a vortex or whatever, I can say, "Oh no! I wanted him to be reunited with his son," or "Good. Served her right!"
If a character doesn't 'live' for me, then I don't care if he or she falls into a volcano (or gets spanked or laid).

And if that happens, the story or book or film, has failed for me.