I´m slightly surprised by the answers given by people from the US to this question, so I guess the interpretation of this term must depend on the situations in which one has heard this term being used.
I am not from the US myself, however, based on the ways I have heard Americans use the term, I believe this term has taken on a more negative meaning lately (although it probably used to be a more neutral term when it was first "invented" back in the day).
It may now (as far as I know) refer to being an overprotective parent / a mother who is over-regulating the free time of their children with too many after-school activities / a mother who is being perceived as "pushy" on behalf of her children.
From the contexts within which I have heard this term used, I would say that today - in 2014, as opposed to earlier - this term is probably more often used to describe a stereotypical suburban mother (with negative connotations) than it is used to describe the neutral observation of dedicated mothers driving their kids to after-school activities.
I would therefore avoid using it as an attempt to give someone a complement, if I were you :)