... my son was in a gifted program at that grade that had CRAZY insane amounts of homework for a 5th grade student. 3+ hours a night and more on weekends...
I was in a school like this for 5th grade as well. I spent all my time on homework and none developing social skills outside of school, outside interests, etc. It is the one schooling decision my parents actually regret. I think there is a lot more to childhood than just academics and school is not the primary place those other things are learned even though children spend more time there than elsewhere.
That being said, I am a firm believer in meeting a child's academic needs. That does not necessarily translate into homework.