At best, it's nothing more than a placebo.
And at worst it can prevent people from choosing legitimate and possibly life-saving treatment. Also, it takes valuable public health dollars out of the system. Correct me if I am wrong but I believe homeopathy has been officially endorsed by Prince Charles and that some public health money in Great Britain goes toward homeopathy.
I highly recommend the book Trick or Treatment - Alternative Medicine on Trial by Professor Edzard Ernst and Dr. Simon Singh. The books draws heavily on studies by The Cochrane Collaboration. From their website
Cochrane is a global independent network of health practitioners, researchers, patient advocates and others, responding to the challenge of making the vast amounts of evidence generated through research useful for informing decisions about health. We are a not-for-profit organisation with collaborators from over 120 countries working together to produce credible, accessible health information that is free from commercial sponsorship and other conflicts of interest.