Hey everybody,
I would like to add my own non-confirmed semi-knowledge to the discussion:
As rgutt wrote correctly, if a motor is driven with full battery voltage (100% PWM duty cycle, so full throttle), it will go a certain rpm.
It will produce exactly battery voltage, if you're not actively driving it.
So it will always produce a voltage less or equal than battery voltage. It can never put current back into the battery like this, since the generated voltage is always lower than the battery voltage (unless it's mechanically spun at even higher speed).
The way regen works is by using a special mode of operation, that works like this:
1. the coil is shorted, both ends are connected
2. current will start to rise quickly
3. the coil is now connected to the battery, and the inductance of the coil wants to keep the current going
4. current flows into the battery
5. the current drops quickly, now the process repeats
This circuit is called a switch mode power supply. Only in this case, the coil is a motor coils, and we're using it for regen.
As I said, this is always required even if you're going at very high speed, since the produced voltage is always lower than the battery voltage.
@rgutt, what you hinted at with the capacitor boost circuit, that switches capacitors around exists, but it is not used for regen braking as far as I know. I think it is only used in very simple and cheap boost converters.