I'm pretty sure they don't re-use nests. That's why you always see them in science classrooms.

now that's scary...

Vix

these things scare the crap outta me when i see them up close

Yeah, I was going to suggest a flamethrower.
How far up in the tree is it? Maybe something flammable in a long reaching spray can? WD-40 with the stick nozzle and a long fireplace match/lighter.

Nuke it from orbit. Just to make sure.

they hate cold, so if it's below freezing out, you can just put a large garbage bag over it and cut off the branch it's on and dispose of it. when i'd find a bee/wasp in the house, i'd catch it with a insect vacuum and then put it in the freezer for a few minutes and that completely knocks them out and makes them safe to deal with.

but dynamite is good too.

Should be safe to remove during winter! As mentioned above, they don't reuse nests. The queens make new ones in spring, so you should be able to remove this one!

Tho if it's high enough and out of the way, i wouldn't worry at all. It's a large established nest, so they've been there all season. We have a variety of nests around our house and never been stung!

The forbidden pinata

Nuke it from orbit.

Only way to be sure :p

Cut it down and toss it in a river or pond while they're asleep. Or if you have an outdoor wood boiler just toss it in that while a fire is going and shut the door fast. I know it sounds mean but... hornets only have one emotion and that's murder lol.

Its pretty much a dead pinata now :B

Then hit it with a bat or shoot it with a shotgun and get the candy. :3