Okay, I am going to slightly disagree with just about everyone here.
First, you need to ask the teacher why she has so much homework. It could be that she is not finishing class work, or is even not starting it so that she can spend class time working on something else (which could be anything from real work to goofing off). I believe that chances are pretty high that the teacher has no idea it is taking so long for her to complete her homework. It is also possible that your daughter is avoiding writing assignments because she feels like they are too hard, or possibly that they don't matter.
If she has reading assignments, I would not worry about letter recognition unless you see a lack of mastery in deciphering the words and understanding what she is reading.
I agree with Writer of Words that you need to follow the chain, but think that the initial concern you need to express to the teacher is not her assignments, but rather your daughter's classroom work, participation and behavior. Find out what is going on there, and then filter in the concerns for what you are seeing at home.
One of the things you need to find out is how the teacher organizes the school day and/or week. How much time do they spend on each subject, when during the day, the policy about unfinished work, whether all work is graded (in my opinion, if work is not graded, it is busywork, and not worth doing), grading policies, homework policies, discipline policies, seating arrangement (can make a big difference for some kids).
You probably need to spend some time observing the class; several visits on different days at different time. Once you have a fuller understanding of the entire situation, you can more specifically address the concerns over what you see at home.