Many of homeopathic explanations of the potency of the drugs do not look compatible with modern science. For example the increasing potency of homeopathic drugs with increasing dilution.
The arguments of homeopathy are isolated from current medicine practices and based on postulates can not be proven, only claimed that they were empirically observed. However there are numerous studies show that these observations are no more than placebo effect and claimed effects could not be replicated.
So, it is a pure pseudoscience (and refers to new age beliefs more than science with "memory of water" principle).