path or URL as display output

In the end i solved the issue by creating a specific field template for my Reference field, called 'field--field_name.tpl.php'. I put the file in my theme folder, and edited the file: instead of rendering $item, i printed $item['#href'], being able to use that value directly into a hyperlink.

1. first you copy the field template (field.tpl.php) file from you're modules\field\theme directory.
2. you change it into a theme suggestion. If your field name is 'field_link' your file should be named 'field--field_link.tpl.php'.
3. Edit the file. The file´s output is originally:

<div class="<?php print $classes; ?> clearfix"<?php print $attributes; ?>>
  <?php if (!$label_hidden) : ?>
    <div class="field-label"<?php print $title_attributes; ?>><?php print $label ?>:&nbsp;</div>
  <?php endif; ?>
  <div class="field-items"<?php print $content_attributes; ?>>
    <?php foreach ($items as $delta => $item) : ?>
      <div class="field-item <?php print $delta % 2 ? 'odd' : 'even'; ?>"<?php print $item_attributes[$delta]; ?>><?php print render($item); ?></div>
    <?php endforeach; ?>
  </div>
</div>

4. You change it into:

  <?php foreach ($items as $delta => $item) : ?>
      <a class="link button" href="<?php print($item['#href']); ?>"><?php print t("read more"); ?> </a>
    <?php endforeach; ?>

5. You can see that instead of using the entire $item array, i just output the 'href' part of it. I got rid of all de html, because its a specific theme output, so i don´t want it. You can check for different values in the $item array using print_r or if you are using the devel module you can use the kpr function which gives you a nice and readable output. I also added the html to output the hyperlink, I don´t know if that´s the best practice in terms of preprocessing etc, but it works for me.

6. you put the theme template file in your theme directory. As of DRUPAL 7 you don´t need to put the 'parent files' anymore, just the file is enough. Reset your theme cache in order for it to be recognized.