Our school has a "Tuesday packet" and that is when most things come home. To date, she hasn't had many long term homework assignments, although that is supposed to change in 3rd grade. I do try to deal with things immediately. Our school has the students keep a daily agenda starting in second grade, so I don't need to help much with that, all the info about what assignments are due when is in the agenda.
The problem I have is with graded papers. Since we sort have a low level sense that we could move at any time LOL (virtue of having moved a lot over the years) I feel a need to keep a more complete record her her work at any point in time. I put it all in a bin as it comes home. At the end of each quarter, I go through and purge everything except for the end of chapter/unit tests. So at the end of the year I have only a small folder that just holds all of her tests. The only exception to that is her writing assignment and stories. I keep all of those because they are incredibly cute and I want to make a "book" at some point showing her writing progression over the years.
Beth, mom to older DD (8/01) and younger DD (10/06) and always missing Leah (4/22 - 5/1/05)