Following this appnote (PDF) on using photodiodes, I'm connecting an IR LED as a light sensor and emitter, configured like this:

To emit light, I pull PIN1 high and PIN2 low; R2 serves as a current limiting resistor. To detect light, I pull PIN2 high and connect PIN1 to an ADC; U$1 and R1 form a voltage divider, and the voltage on PIN1 is proportional to the amount of light.
What I'm curious about is the best value for R1 and its relation to output voltage and response time. The appnote gives a formula for calculating the response time, but leaves terms undefined. The current value of 20M was based on experimentation with a breadboard; at this value it gives reasonable results between 0 and 0.15 volts for reflected light from another identical LED, and a bit over 5V if I point the emitting LED directly at the detector.
I'd like to increase the sensitivity to low light levels, but I don't know how much I can safely do so without sacrificing response time. My target component isn't the same as I was using on the breadboard, either, and I don't know what parameters of the LED affect the output voltage. In a nutshell:
- How do I determine the response time of this circuit in its detecting configuration?
- How can I determine what voltage level to expect at PIN1 with a given value of R1 and a given light level?
Aisn't defined anywhere, andV_Dandndon't really have any explanation for their values. – Nick Johnson Sep 5 '11 at 0:34