I have tried it and yes, it does work. My method for trying it was to get at the top of a steep hill and go down fast with the key turned OFF. Then I hit the brakes. The voltage went as high as 43 volts (I have a voltmeter permanently mounted on my handlebar) but no damage was done to the controller. I tried it several times with the same result. The battery itself only sees 42.3 volts because there is a 0.7 volt drop going thru a silicon diode.
For the diode, I used a 35 amp, 200 PIV (Peak Inverse Voltage) full wave rectifier. There is no need for the full wave part since that means the device contains four diodes, but it is the simplest and cheapest solution I could find. It cost $1.25. It has male spade terminals. This rectifier is normally used for changing AC to DC but we are just using one diode in it. The others just come along for the ride.
You just use two of the four terminals. The four spade terminals will be the green dots on the picture. Never mind the other 3 diodes, just pick one and wire it according to the picture above.
I got my rectifier at:
http://www.bgmicro.com/index.asp?PageAction=VIEWPROD&ProdID=11660Note the + marking and the AC marking on the body of the rectifier. They can be used just like the terminals in the picture on this post with the + and AC being the same thing. Use the + and either one of the AC terminals.
If you connect the + and AC terminals to your key switch backwards what will happen is your key switch will not turn off your power. No harm will result but your power will not turn off and your controller will NOT be protected from regen braking with key off.
Conversely, if you connect to two terminals of this rectifier and your key switch does turn the power off then you have connected it correctly. The exception to this would be if you use two spade terminals that are diagonally opposite. If you use one of the possible diagonal combinations your system will work except there will be a slightly higher voltage drop between the controller and battery. Again, no problem but do it the right way just to keep things straight forward and sensible.
If it helps, think of each of the 4 diodes as being one way water valves and water can only flow the direction that the arrow points. That is the direction that the positive electrical current will flow. For the purists, electricity actually flows from neg. to pos. but it makes no difference to think of it as flowing from pos. to neg. This way the arrow used in schematic symbols of diodes and transistors have an intuitive sensibility as to direction of current flow.
ONE LAST THING: if your key switch is in the Negative (-) line of your system instead of the Positive (+) side then your diode needs to point the other direction than the above picture. Just remember what it is you are trying to do; you are trying to allow electrical current to flow from the controller to the battery when the key switch is open (off). And as I said, as a test to see if you are wired correctly all you need to do is see to it that your key switch still turns your power off. If it doesn't then reverse the wires going to the diode.
One more one last thing
If you use too small of a diode it will burn out and not do any good at all. So be sure you know what the rating is of your diode.