The particular, hard-to-define :) Headspace which having Adoring Discipline in one's life, and/or the specter of impending punishment, creates in one's head, heart, and tummy, which brings something very positive-feeling, emotionally and/or sexually.
In short, this is our short-hand for being wired up to crave real CP in your life.
Whether that craving is about the intimacy and submission of being physically punished (of having relinquished that degree of control over one's self, such that a trusted Guardian decides when punishment is best for you), or about fulfillment from the physical aspects of CP (the ritual, the positioning, and the intense purging of emotion which many thrive from having in their life) varies widely.
But the defining quality of having a "Punishmentality" is that you crave having very real CP, for very "real" (or very real-feeling) issues, from someone to whom you've granted that authority.
Note that, to us, this is different from other flavors of being a "spanko", which are more about simply being aroused by the acts of spanking. While someone with a Punishmentality might well be aroused by having this in their life, and/or thinking about punishment scenes, this particular Headspace requires that the discipline feels very emotionally real to them, and that it's about real issues (whether of behavior, or "training", or any number of catalysts), that the headspaces of truly being punished, for good reason, and then forgiven and reassured, are a craving).
The butterflies which most disciplinees feel is one of the components of Punishmentality, as are the feelings of (safe) blushing embarrassment at the thought of being punished as would a child, and the complex emotions evoked by the rituals of punishment in an adult's life.
The submission to authority brings that emotional intimacy, and the words, the icons (implements, particular positions, verbal tools of voice, tone, and words), all combine to create a Headspace which most devotees of Adoring Discipline recognize as uniquely connected to having the adult punishments in their life, which the outside ("vanilla") world could never comprehend.
Something akin to an "altered state of consciousness", it is another overall state of mind that is pervasive enough to feel both real and overpowering.