Once ours hit highschool, I stop nagging about homework and we use that time to let them learn how to manage everything themselves, so they're ready for college.
To help keep grades higher, we have a sheet posted to the fridge that states various grade levels and the reward/consequence for that level.
IE - the bottom rung is "One or more F's ... loss of all electronic privileges". This would include their cell phones, iPods, gameboys, etc. If they have D's in classes, there is enforced homework time. As they work their way up, they "earn" TV privileges, their choice of bedtime, full internet privileges, and if they get straight A's, they get $50.
I just put a sticker on the chart so they know where they are at (I can check grades online.) For us it's worth it. I don't nag at all, and I can be empathetic when there's a consequence. It keeps them motivated, too :)