Hey TurbineGen, thanks for joining in. There may not be much practical application for this thread but my aim was to have some fun and stretch out the few brain cells that are still firing in a non-random fashion.
That said, even though I started off wondering about how in the heck a shaded pole motor could even *theoretically* act as a generator, the series motor/generator issue really intrigues me because there actually are applications where it would be practical to recover energy such as in vehicles, cranes, an even elevators, I suppose.
waross' post really got me to thinking about this (probably let some of the "magic smoke" out of those few brain cells in the process) so I took a few minutes today to do an experiment on a 20hp series DC motor we have at the shop. I connected my scope across A1 and F1 (A2 and F2 bonded) then powered it up with 12V from a car battery and the motor spun up to some rather sedate RPM. When a 300R/10W resistor was connected across the A1/F1 terminals the voltage dropped to just under 2V immediately after disconnecting the battery then continued dropping to zero along with the shaft rpm. I suspect that if I cut the resistor value in half I will see at least twice the voltage present at A1/F1 immediately after removing the battery power... Unfortunately, I didn't have a slew of different power resistors on hand to try this, but at least it showed that, yes, a series motor will certainly perform as a generator...
Now, waross - there is one assumption you made in your poignant explanation that doesn't exactly hold true in the real world - as the series motor cum generator delivers more power the rotor will decelerate more quickly. Only if there is infinite inertia in the rotor can there be infinite power delivered from a series generator.
So it would seem that with a high-speed analog or digital smps controller it shouldn't be too difficult to extract power from of a series motor when it is called upon to decelerate a load (whether that load be a car, crane hoist or elevator cabin, etc.).
Of course, it does seem to hold true that to do so you will need to short the motor terminals for the time it takes to allow the field/armature current to build up enough to overcome the supply voltage when the short is released. Hey, it can't be any more difficult than it was to get the Saab Gripen stabilized, right?