This question has been asked before, but a while ago, looking for a fresh opinion. Many more people seem to be using references (perhaps because it's a port from Drupal 6) but the functionality of entity reference seems pretty good. Opinions? Thoughts?
I think the only way you will find out is through testing this for yourself. I speak from experience in using Entity Reference currently in a project with success. It comes down to your needs. For example I needed a way to reference commerce products - which are not node entities - so the references module is useless. Entity reference was perfect for this case and would work with any other entity type.
With the massive change in drupal
7.x moving from a common mindset of "everything can be a node"
7.x core has emphasized and shown us the benefits of "everything can be an entity". With the success of entities you can pretty much guarantee that entity reference has a strong future in
I am not sure if there is any advantage in using references since Entity Reference does all that references does, while being much more powerful.
From the project page;
"Note : - As the past couple months showed, the current maintainers are not up to the task. This module accepts new maintainers. - References will most probably be deprecated in the near future in favor of Entity Reference, which should probably be considered first on fresh
I think this says it all.
- For the extended future developers should look into Relation which is expected to replace entity reference.
As the Reference module site says the future for it is not very promising and it will probably be deprecated in favor of entity reference, so there may not be much to discuss :)