I would say homeopathy is just theatre. And the reason I would say that is not because science doesn't have an explanation, but because every time they take a hundred sick people and treat half of them with homeopathy and half with plain sugar pills, doing it all randomised and double-blind so the sick people don't know which they are getting and the doctors don't know which they are giving, the results are that there is no difference between the number of people who got better with the homeopathy and the number of people who got better with the sugar pill.
But, the complicating factor, to me, is that theatre often works. The placebo effect is a really powerful thing that we don't understand very well! (A scientist friend of mine, Nick Humphrey, has been studying this for ten years.) There is experimental evidence that it works some of the time even on people who are told they are getting a placebo. There is some evidence that it works on infants and animals, both indirectly by affecting the caretaker and also sometimes directly on the patient. So I can't be completely anti-homeopathy (or acupuncture, or having the local shaman paint your forehead with mud and chicken feathers) because it's not dumb to make as much use of the placebo effect as we can. As long as it's not preventing people from getting conventional medical care when it's needed.