The other day I heard some frazzled mother exclaim to her rotten child, "That's 25 minutes of time out for you!"
Now, I'll be the first to admit I don't have any practical parenting skills. But I do know that if you don't immediately punish a dog for misbehaving, the punishment will have no effect. I'm guessing young kids are about on the same level. Of course, since hitting your kid in public is frowned upon, maybe keeping a running tally of time-out minutes may be all parents can do. Just make the kid help you bring in the groceries first before sentencing him to time-out.
Also, time-out dolls are just plain creepy. When spanking was the way to go, did they have spanking figurines? Eww, I bet there's a newsgroup for that. Ewww.