So what about the kid who doesn't seem to value anything enough that taking away the privileges will change any behaviour?
Some things my kid responds well to (you can't leave your room until you're dressed, etc), stuff with natural immediate consequences. But more abstract things like removal of privilages (TV, video game (leapfrog stuff), putting away specific toys) doesn't seem to phase him much, and time outs I've read shouldn't be overused either. So I find it's difficult to come up with a consequence sometimes.
He's 3.75 and so strong willed (just like his parents

), it's tempting to use corporal punishment. We didn't have to use it much though so the threat of it doesn't phase him much either.