The only bad effect is that homework got associated with bad feelings (anxiety, stress), because I had to find ways to still get them done without doing them at home. Going into university this was hard to undo.
We also had the rule of one hour per class per day. The funny thing is that this scales up the more time you spend in school, instead of scaling down. In 10th grade, our school days were longer than my parents' workdays and of course every teacher likes to assign homework on top of that, so you can imagine what the expected load was.
In my opinion, homework should be abolished completely. Work should not be taken home. If you want kids to do extra work, have "schoolwork" classes after regular classes, where they can do exercises that teachers provided them that day. At the very least this provides a direct measurement of hours spent on school, provides a clear expectation and forces a cap on how many hours kids spend on school per day. Of course no school would do that because it would be a nightmare.