Too much homework in elementary school?

The question of whether too much homework is given in elementary school is one that even teachers are asking lately.  When two parents are both working, many times families may not even sit down together until six or seven o' clock (or later.) The following are two very different scenarios of homework in the early grades.

 My friend's husband, who is currently unemployed, claimed to me recently that since he needs to sign his first grade's son's  homework each night, he feels like it is HIS homework.  This makes it difficult when his son refuses to do the work, and then this ruins the whole evening.  He's worried what is going to happen when he finally finds a job.  Will his son fall behind?  Will he be able to give his son the attention to daily homework?  Since they just foreclosed on a home, they both need to work right now just to get out of the hole they've been in financially.

Other friends of mine, who I ran into only a few days ago, send their son to Head Royce private school in Oakland, CA.  They told me that in the school there is a "no homework" policy in K and first grade.  They are really relieved about this since as a doctor and a lawyer, they want to spend "quality time" with their kindergarten son, rather than just doing homework.

How much is too much homework?  Is it needed?  How much time do two working parents have to sit down with their children and help with hours of homework?  Is this "quality time?"  These are interesting questions to me as I think about school choices for my child.