Spanking model Niki Flynn was interviewed by Janine Ashbless at Lust Bites a while back and said:
[J] Explain to us, please, what the lure and reward of being spanked is for you.
[N] Fear is intensely erotic for me, so a lot of the appeal lies in the anticipation. The pain itself isn’t the focus; that’s really just a vehicle to get to the sense of achievement on the other side. Anxiety, exposure, vulnerability, surrender, pain, endurance, bliss… What I enjoy most is the afterglow, the tingling and exhilaration of having suffered and survived. It’s the culmination of a journey requiring absolute trust.
[J]You’ve said you’re not Bi. Does it make a difference to you whether you’re being punished by a man or a woman?
[N] Oh, definitely. I enjoy playing with women, but it doesn’t have the sinister sexual undercurrent that being topped by a man does. Even if it’s a purely non-sexual scene (like a school scenario) there’s still an erotic subtext lurking beneath the surface. The hottest thing for me about erotic fiction is the setup and anticipation. I’m not half as interested in the actual sex as I am in the predatory tango that led to it!
Do check out her book, Dances With Werewolves (Memoirs of a Spanking Model).