Reference wavelength issues (how to use) should be covered in the user's guides to the instruments. In terms of advantages/disadvantages, the short answer is "it depends".
The bad news is that a reference wavelength adds noise to the signal (essentially, the instrument must deal with two measurements instead of one). The good news is that it cancels certain types of noise (notably lamp fluctuations and, to a certain extent, RI effects). If those latter types of noise are large, then use of a reference wavelength reduces total noise. If those latter types of noise are small, then use of a reference wavelength hurts. As a minor issue, use of a reference wavelength can generate negative peaks if the sample has components which absorb at that wavelength.
Slit width issues are usually covered more in texts/articles on spectroscopy. Basically, the greater the intensity of the light getting to the photodetector, the less the relative noise (signal goes up as a linear function of intensity; noise increases roughly by the square root of the intensity). In a spectrophotometer, you can use a tall slit and then focus the light onto the photodetector to get an intense signal. That's not possible in a variable-wavelength HPLC detector, because you need to minimize cell volume. Using a wider slit (accepting a broader wavelength range) can compensate. Since UV spectra in solution have little structure, there is not much loss of information, but you do have to be careful. If you are detecting an an absorbance maximum, a wider slit takes in proportionally more signal of lower absorbance.
With a PDA, the situation is a bit more complex, because there is no physical slit width adjustment. It's done in software by combining measurements from adjacent photodiodes. The end result is similar, though because random electronic noise is unlikely to be correlated on all the diodes; hence averaging the signal tends to reduce the noise. As with the variable wavelength detector, if you are monitoring at an absorbance maximum, a wider wavelength range will take in more off-maximum light and lower the response, so there is a compromise to be made.