@boomerang,
Actually since only 20 minutes of her reading is required, and I don't think it's more than five minutes/day average of non-reading homework, that's more like 25 minutes, not 40.
I do think that will change for her. Various things are being phased in, like more math is coming soon I think.
I'm definitely surprised at how little it is at this point. Although I know some of that is because of skatingness (if spelling tests and reading were harder, it would be different).
I know you laid out the work itself but how much time does this tend to take for Mo on a daily basis? Sorry if you said and I missed it.
Edit: ah there it is at the bottom of your OP, 1+ hours of homework. If about half of it is reading, I guess that doesn't seem like a huge amount, no.