It's my observation that low-end bandgap voltage references can perform even worse than a mid-end voltage regulator (which, of course, is also based on a bandgap reference). In particular, the "free" references embedded in the ADC/DAC of microcontrollers are the worst.
For example:
TL431, standard grade:
Initial accuracy: ~2%
Full temperate range: ~3%
long-term drift: no data, but TI said "a typical acceleration test of 500 hours at 150C, the device still meets specifications."
ATmega328P:
Accuracy: 10%
Temperate drift: no data
Long-term drift: no data
PIC16F1574:
Accuracy: 5%
Temperate drift: no data
Long-term drift: no data
Now let's consider some specifications for mid-end voltage regulators.
LM317 (not really mid-end, more like low-end):
Accuracy (full temperate range): ~4%
Temperature drift (0°C to 125°C): 0.7%
Long-term stability (25 °C): 0.3%/1k hr typical, 1%/1k hr max.
LM1117:
Initial accuracy: 1%
Full temperate range: ~2%
Temperature stability: 0.5% typical
Long term stability (125°C): 0.3%/1k hr typical
MCP1700:
Initial accuracy: 2%
Full temperate range: ~3%
Long-term drift: no data
TLV733:
Initial accuracy: 1%
Full temperate range: ~1.4%
Temperature stability: 0.5% typical
Long-term drift: no data
Therefore, my conclusion seems to be that if you need a slightly more accurate reference and you're already using LDO on the circuit board, it's a great choice to use the same power LDO as the reference. It's inexpensive, readily available, and already in the BOM anyway. Either a separate one, or even the same one from the power rail if the load is a micropower load like a single microcontroller. The LM1117 and TVL733 look even better than a low-grade TL431! The resistor divider will introduce more error and drift, but it's still a small error than the built-in MCU references.
Comments? Any trap for young players?