I'm building a tachometer for speeds 0 to 3600 rpm (various speed motors turning things down to whirligigs blown by the kids.). I've got a photo diode running in photovoltaic mode generating about 50 mv pulses. (Of course, this is a function of distance and illumination; my hand held sensor is 3 or 4 inches away from the rotating object.)
Somewhere I got the notion that running in photoconductive (reverse bias) mode would get a better signal from the diode, but my cursory research suggest that generating a current mode signal wouldn't give any different results from a voltage mode signal, as far as the quality and strength of the signal feeding into the amplifier.
In other words, photo-conductive mode wouldn't have any amplification effect relative to photo-voltaic mode.
Am I missing something? Can you think of any reason to prefer one mode over the other?