Its days are numbered, starting today. You've voted, and while a little controversial, we'll support your decision. What remains is just the 'final arrangements', so to say.
We'll need some preemptive cleanup
Things with the homework tag applied to them do tend to have some issues. Take a stroll to the end of the very long tail - use your flags and close votes judiciously. Moderators can very likely make quite liberal use of the delete button on the back third.
Remember, a lot of the cruft isn't likely to surface again regularly, so a healthy dusting of brooms is in order. Fix what can be fixed, close / delete that which can't. As you proceed, remove the tag. When you see new uses of it, remove it, leave a comment pointing at this post:
Hello, and welcome to Math SE! We're in the process of removing the homework tag, so I've removed it from your question. It looks fine otherwise, good luck! or (advice on how to improve the question)
Hello, and welcome to Math SE! [We're in the process of removing the homework tag](http://meta.math.stackexchange.com/questions/16425/the-community-voted-now-what/), so I've removed it from your question. It looks fine otherwise, good luck! **or** (advice on how to improve the question)
We'll blacklist prior to completely removing the tag
We need to turn the tide back, or the flow will just make the effort perpetual. At the same time, we don't want to more thoroughly confuse new users that find it. In a day or two, we'll prevent the tag from being applied with an error message pointing at this meta post. This will also force the tag to be removed before edits can be saved. Hopefully, this keeps it out while minimizing confusion.
One week from today, it's history
I'm setting a reminder to come back on 8/6 and remove all instances of the tag. This will be done all silent-like, so make sure you've got at least the worst of the worst cleaned up before it falls into eternal obscurity.
Why not just burn it now?
This approach gets rid of the tag entirely, very quickly, without a lot of cost or aggravation. Someone that used the tag earlier today isn't going to hit a lot of confusion while trying to edit something, at the same time we make sure that it stops coming in. The real 'work' here is in cleaning up the worst of the worst, which isn't very difficult to do.
We'll be monitoring it, and in pretty close touch with your moderators. As soon as they signal us to say "we're as ready as we're ever going to be ..", the tag is history, so it might be sooner than a week.
Thanks to all in advance that help clean up the mess, and we're happy to support you as you do.