References versus Entity Reference
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 d7.x

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 D7 projects."


I think this says it all.


For the extended future developers should look into Relation which is expected to replace entity reference.