I think that taking away technology is a very good punishment for today's youth. A lot of people I know are entirely dependent on cell phones and computers, and when they are taken away the lament on how their entire life is over. I think that because of this kids will be less likely to act poorly if their technology is taken away.
My very good example of this is how my little sister had to deal with such a punishment. A few years ago her and my dad were in the middle of a series of all out battles that I like to term "World War III". Dani would ask to do something with her friends, and if she did not get it she would argue and fight for hours to get her way. It was a pretty nasty time, considering my dad does not have the most even temper. Anyway, when my dad got angry enough (and that was a rather frightening thing to behold) he would take away Dani's cell phone. Dani would completely loose it. I mean really loose it. This went on for a while (a little too long in my opinion), but after a while Dani learned to keep her mouth shut and stopped fighting with dad all of the time. Dani took it very hard, but after a while she really learned from her punishment.
I guess the taking away of the phone and other technology does not work for everyone. When I get in trouble my parents think taking away my ipod and phone will have the same effect as it does on Dani. It does not. I have very little interest in my technology, and when it gets taken away I do not even miss it. One night I got in trouble for sneaking out. I still maintain that I was only taking a walk, but even so all of my electronic devices were taken away for a week. I missed them so little that my mom decided to give them back to me two days early, seeing that their lack had no effect on me.
I think that I am the exception rather than the rule, and that taking away technology is a very good punishment for today's teens.