I have recently been asked this question, which is quite an interesting one psychologically. I have given it much thought and from my point of view I find it more humiliating to be exposed (with clothes still on, but relevant embarrassing areas on display and easily accessible) than to be stripped completely.
Nakedness is very natural to me. For example, I go to nudist venues to sunbathe and am not in the least bit ashamed of it or my body. I have also been in a position where my bottom, breast and genitals have been exposed and this I found extremely humiliating, despite the fact I still had clothing on. I was much more aware of my exposed bottom (my skirt had been tucked in and I did not dare pull it down to cover my shame!) with my panties at the top of my thighs, stretching with every step I took, I struggled to resist the urge to cover my genitals with my hands (only the threat of further punishment prevented me from giving in to temptation), and my breasts were only enhanced by the under-bust corset I had been ordered to wear. In a public situation where my audience could see my bottom and the tops of my thighs glowing red from punishment is almost too much to bear, not to mention my breasts and genitals to boot. I don't think the same emotions would have been drawn from me if I had been completely stripped. I would have still felt the shame of the punishment and people seeing that I had been admonished in such a way, but this method was much worse for me. I was still dressed by all accounts but all the 'bits' we like to cover were put on display for the pleasure of all and the skirt, corset and position of my panties only enhanced my feelings of exposure. Am I alone in this? What do you folks think?