Homework is what someone overworked would come up with to force everyone, wether they need it or not, to put X amount of time repeating and practicing Y.
I think it's a frustrating experience overall and we should be looking at giving students the entire curriculum from elementary to masters degree upfront and letting them work up from it at their rythm.
As incentive students should be provided X years of access to teachers free of charge, and if you finish early pocket the difference. If you finish late you have to pay the difference.