People tend to use the diodes in one of the following three ways:
1. Reverse biased and treated as a current source
2. Shunted into a low value impedance (typically 50 ohms)
3. Operated in the "photo-voltaic" mode
This first method is by and far preferred in that it gives you a current that's proportional to the number of photons. With the proper amplifier, this method is typically fairly sensitive and has a fair bandwidth.
The second method is often used for wide bandwidth applications. Most applications involving a 50 ohm load are based on photo diodes going into test equipment and the sensitivity is poor. However, the linearity is still pretty good - voltage is proportional to photons for a reasonable excitation.
The third method involves leaving the photo diode "unloaded." The following instrument or amplifier has a high input impedance and with even a little light, the diode reaches a saturation point where the output voltage is limited. Typically, you can get up to about .6v and it takes progressively more light to make a moderate increase output voltage.