I think we should get rid of it.
First of all it's one of the most abused tags ever. If someone asks a question that may be homework, immediately he's asked several times with comments to mark it
homework, and almost always someone who can't possibly know if it's homework will add the tag.
Second I never agreed on the whole "if it's homework I will answer differently" thing. For example Marcel Korpel said in an answer to this question:
I will give a different kind of answer
when I know I'm answering someone's
homework, e.g., only giving clues in
the right direction.
I don't think this should be done for several reasons, the main one being that the 1 to 1 relationship between the OP and the person who answers pales compared to the relationship between the people who find the question through google: they're so many that their needs should have priority, and they may have the same question even if it's not homework.
Another reason is that you shouldn't have to force the person to reason in order to understand the answer; if he or she wants to copy and paste it then too bad for them, they won't be very successful in a future work environment. If they are a "serious" student then they can certainly learn just as much (and - most likely - more) with a complete answer.
I think dividing the answer in two parts with the first that gives only "clues" and the second that gives the real answer would be acceptable, so you can let the user choose which part to read; but I find that an answer that is intentionally vague is just not a good answer.
For the reasons explained above the
homework tag has no use and is harmful. Get rid of it!
Of course this is just my personal view of the situation (which I voiced already several times here on meta), and I realize it may be controversial in some ways.