The controller is supposed to have regenerative braking, I think. I bought it last summer, so it's not that old. It also works for about one second, I see -300 to -700W before it goes to zero. But I don't have a lot of trust in these controllers, I had to change it two times. The others just didn't work. Nothing burnt or anything wrong to see on them..
I agree that it's usually not much to gain using regen braking. But I use my bike in a quite hilly area of Norway, can be 300 m or more up in altitude, and 300 m down again. In these long downhills I think it should be possible to regenerate quite a lot, given that the generator efficiency is about the same as the motor efficiency. After a trip up a mountain (500 m up in altitude), I did a check on how much energy was used compared to the theoretical minimum, the energy necessary to lift the bike + me (about 100 kg) 500 m up. I was suppriced that even though I moved 6 km with an average speed of 25 km/h (with the friction this represent), the energy used was less than twice the theoretical min. (I did pedal a little bit, but I think that was negligible).
Energy used: 5 Ah * 48 V = 240 Wh = 864 kJ
Theoretical min: 100 kg *9,81 m/s2 * 500 m = 490 kJ
Say that if moving slowly downward (minimize air resistance) it is realistic to regenerate 60% of the potential energy. This would be 294 kJ, or 34% of the energy used on the way up. Then I think regenerative braking would be worth it.