They don't work in low light, the cells eventually die (I've never heard of a Silicon PhotoDiode dying from age), the process of making the Selenium cells is unfriendly to the environment, they cannot measure flash, reflected light meters using Selenium cells have very wide angles of view to compensate for the cell's poor sensitivity. The Sekonic L398 series was, for a long time, the last man standing in the world of Selenium meters. The current model, the L398A Studio Deluxe III, no longer uses a Selenium cell because of the environmental concerns. It uses an Amorphous Silicon solar cell, which is not the same thing as a Silicon PhotoDiode. The Amorphous Silicon cell has most of Selenium's weaknesses (except the environmental concerns).
Modern digital meters with Silicon PhotoDiodes are just plain better in every way. They work in very low light, are able to read flash, are available as 1 degree spotmeters, are accurate to 1/10 stop, are more durable because they have no moving parts. I have a working Weston Master IV I bought from Ian Partridge, who rebuilds them with new Selenium cells. Neat old meter, but my Minolta Flashmeter IV is my everyday meter for color work (film or digital) and my Zone VI Modified Pentax is my choice for black and white film. Both are really better meters than the Weston.