Model S has traction control, though I'm not sure how it interacts with the regen. (I work there but I'm in the thermal group. I'll have to ask a friend in chassis. In other news we have a number of Model S, Volt, and Leaf owners (and some conversions, other brands, and electric scooters), but I think I'm the first with a Zero!) The FX's regen is absolutely enough to lock up the rear on loose ground as I discovered Sunday. Deceleration is by definition impedance (in both the electrical and mechanical senses), and you could just as well say the "forward" flow of electrons speeds up the motor's spinning. Motor and generator are reversibly equivalent, minus efficiency losses. Next time I ride dirt I will have regen off entirely, unless it is much harder packed than the dust-dunes I was dealing with this time. It has only rained once in the last 6 months here. Riding downhill in the loose stuff I wanted less rear brake than I was sometimes forced to have.
As for pavement, I'm still learning what my preferences are and putting 100% regen on only with the brake light certainly gives you more control but my argument is that there are times that you aren't on the brake but are still decelerating and that's the regen you're giving up my making it effectively manually controlled. Maybe that's not such a common thing as I imagine it to be, or maybe it's just sloppy riding, but it seems to me like regen is more about the many small decelerations and less about the less frequent big ones. If you're consistently coming down a big incline every time you ride then what you describe is probably right. I tend to be about 70% fairly flat city streets, 30% steep but rolling San Jose hills.
I'm starting to like having some variation in the regen with throttle-off rather than 100% right away, it would be good to have a linear progression instead of a wall of regen. I'm test riding a coworker's Vectrix this afternoon so that will be informative. I'll be open to mods some day (S cast wheels for street tires soon) but I should probably own it for more than a week before chopping up my most reliable vehicle. Regen all the way to a near stop sounds great.