Cheers Colin!!
First, answers to your questions:
1. I have to say that the D40 is very much worth having. The bare bulb / parabolic head is the nicest flash to use - leaves thyristor type flash for dead IMHO.
2. Yes the 503CW TTL flash is accurate. The 2 work very well together.
3. I have no idea about it's slave opportunities.
On a positive note: it is quite light to have mounted on the camera (relatively so); you can adjust the reflector for wide or normal lenses; you can fit some of the Quantum (IMHO the very best, very sophisticated, and very very expensive bare bulb / parabolic reflector flash in the game - maybe generally speaking the very best going full stop!) accessories to the bulb and reflector - Marc kindly gave me the measurements etc for things like the soft diffuser etc.. and they fit. It has sufficient head tilt and spin angles.
Do keep in mind that it is exclusively a TTL auto flash unit - no manual or aperture auto operation.
Now, there are BUTs that are in no way deal killers:
1. it is of mediocre power output - you find yourself shooting from f5.6 (or 8 at a real pinch with real distance limits) and wider. So, if you need real power to shoot big groups and some distance and / or want to use f8 and f11 regularly without "fast film" you might as well hunt down a Quantum.
2. you use the 503CW's ISO setting to achieve flash bracketing - so it takes some practice to judge balanced flash etc; but that is no stress when you put your mind to it. There are no output adjustments on the flash unit itself.
It fits quite well and conveniently on my PM45's cold shoe for hand held "mobile" shooting.
The light is really nice as is typical of such flash units. I have the Metz 45 CL-5 and the D40 is a much better light even if I add a Stofen diffuser to the Metz.
Finally, the KEY BENEFIT of the D40 is that the round shaped light thrown by it is ideal for square film frame coverage! The thyristor flash units are typically rectangular! So the D40 delivers a more even light.
Yep, it is a good thing to have in a Hassy kit!