Never heard of time out and wouldn't have thought of it. Might be useful in some cases but so far it's described like a end-all bandaid solution which is in itself flawed, no need to debate it.
Kids are more lucid than that.
I don't think I could get mad at them. I don't know what to tell you except it's just not a viable solution to any problem.
You're responsible for your actions and your emotions are part of those, so why should an irresponsible act be the counter-argument to another irresponsible act? The point is to convince them otherwise, not reinforce their perception that "BEING PISSED GETS **** DONE".
Intolerance for dissatisfaction is another story though.
"Things've gone far enough and I can't take it anymore!"
well wtf. Is that the example that'll convince them to trust you?
Key my sports car and I'll make you, the kid, understand why you should feel guilty. But more importantly why guilt is subordinate to reason.
Crayola the wall and I think I'll probably put a frame around the centerpiece and leave the kid to embarassment when guests inquire