Sorry stripedangel...
Well, as always, there are several options. In my mind, I have catagorised 'punishment' roughly into three seperate groups, which are a) corporal punishment, b) tedious tasks and c) taking away privilage.
Because of the way you ask, I doubt whether my group A is what you meant. Of course, by 'exercises' you could mean just that, and tiring out can be good discipline. Any exercise will do, but I'd suggest something enjoyable to watch; naked jump-roping perhaps?
Some examples of tedious tasks could be doing all laundry by hand (could be regarded as taking away the privilage to use the machine, hence my 'rougly'), cleaning the toilet using a toothbrush or writing lines or even sitting in a corner. These are also pretty 'cheesy', as you say, but you should know what your sub hates to do and use it.
Taking away privilage is, I think, the most effective (and harsh) way to discipline. You could for example prohibit sleeping in a bed (or using any other furniture), or only allow your sub to shower with cold water. (The way I see, even allowing a sub to serve sexually is a privilage.) Again, you should know what is suitable when. These privilages can be earned back; it really stimulates good behaviour. * grin*
Whatever you decide to do, make sure there is a clear difference between normal serving/housework and discipline. Punishment only works if it is perfectly clear why it's being handed out, if it's done consistenly and has clear goals.