Growing up I was usually put in time out in my room. Although we also had the time out corner and my mom would have us "put our nose in the corner" and we'd have to stand there for as many minutes as we were old (six minutes for a six year old).
I know most families I've known usually do timeouts in the child's bed, especially at toddler/preschool age when they cannot get out of timeout in a crib.
I read once though that this can psychologically affect their sleep because then their bed is associated with discipline, as opposed to only sleep. I don't know how accurate this is or how widespread it may be.. It makes sense to me though!
What are your thoughts on this? I'm sure we'll be implementing time outs fairly soon here but I'm unsure how I will do them.