Time Outs: What Do You Think?

All my life I was out in time outs. I was told to stand in the corner, go to your room and 'think about what you did' and told to 'sit quietly, and tell me in 5 minutes what you did wrong'. This was how I grew up, so I hardly know anything differently. I have learned recently that this might not be the best way to little one's to learn right from wrong, and wanted to see what others use for discipline.

One Mom on this blog explains how she has her child sit down with a bottle of water/glue/glitter creation to sit, calm down, and think about what she did wrong.  I like this idea, because it is not really punishing the child, but yet it gives the child a moment to think about what happened, and calm themselves down. That's really what we want right? We want our children or charges to calm down, so we can better redirect them, or teach them a lesson. This water bottle/glitter idea is a WIN in my book.

What do you think? What other ways do you teach children how to cope with mis-behaviors?