If we accept that the main purpose of Education is to prepare children for later life, then Coursework, like many other things we do at school, gives them a completely unrealistic impression.
In any job; whether it be accountant, plumber or computer programmer, you get told to do something and it has to be done correctly first time. If there is an agreed deadline then penalties are incurred for not meeting it.
For example if you come to fix my boiler, but leave me shivering in the depths of winter then you will not get paid. If you build me a garden wall and it is not straight then you will have to do it again at much inconvenience and financial loss to yourself. If you are a solicitor and you have not prepared the necessary documents for a company merger due to take place tomorrow morning then you will have to stay in the office and finish them even if it takes all night.
With coursework however, the best strategy is to submit a half hearted attempt, let your teacher mark it and then (if you are not a teacher you might find this next bit hard to believe) hand it back to you with suggestions for how you could improve it. You then resubmit it and in many schools the same thing happens again. Do not worry if it is late or you simply cannot be bothered; your teacher will endlessly remind you, chase you and beg you to hand it in. You may even be given time off from lessons to finish it. No penalties will be incurred for your poor initial effort or lack of basic timekeeping.
Like so much of what we do in school; this is so far removed from what will actually be required of the kids in later life, that it is comical. Sadly it's also a complete waste of the teacher's time and any profession with a decent union (more on the farce that is the motley collection of Teaching Unions later) would have put a stop to it long ago.