The efficiency of an electric motor used as a generator greatly depends on what kind of electric motor is used.
You have (roughly) four different kinds: DC, brushless, AC induction and AC synchronous. The first three are good motors, but not so good generators. The last is used as both.
Strangely enough, the synchronous motor that is seemingly the least efficient, with both the strator (the non-moving part) and the rotor powered instead of using permanent magnets for one of them, is actually the most efficient one for both.
Unfortunately, standard synchronous motors cannot start by themselves and only run at a single speed, so they're not used much outside of large, industrial applications, where reliability and efficiency are key.
Then again, if you want to run them off a battery and need a set of DC/AC converters in the first place, a hybrid, brushless, AC synchronous motor would have all the advantages and none of the setbacks. But they're very uncommon.
Induction motors have a strator that functions as a set of magnets by inducting a huge current through them. They're also called asynchronous motors, in that there's always a certain amount of slip (read: lost power) to get the magnetic fields up and running. They're small, simple, cheap and still pretty efficient, so they're often the first choice.
But they don't produce electricity easily, as there's no, or very little, magnetic field without powering the coils, which is needed to induce power to the strator. So, you have to spin it up to (reasonably) high rpm, so the resistance and stray magnetic fields coming from the strator induce power into the rotor, which induces a stronger electromagnetic field in the stator, etc. Not very efficient.
Brushless DC motors are basically DC motors operating like an AC motor, so they could be pretty decent generators as well, although it would require a whole extra set of electronics to extract it and feed it back to the battery.
Then again, if you're running it off batteries, they're potentially the most efficient one for both driving as well as generating, as you don't need (reasonably) inefficient AC generation (sine waves!), but only switching.
But considering that 3-phase DC/AC conversion mostly needs a set (3 or 6, depending) of fast DC/DC convertors where you keep moving the reference voltage, it mostly means that your electronics are more expensive.
So, unless we're talking hub motors, AC is the way to go, and induction has the best price/performance for powering cars, but is bad at reclaiming energy. And brushless synchronous motors a hot research topic.
EDIT: A synchronous AC motor where both the strator and rotor are powered uses brushes to get the electricity into the coils on the rotor. So, a brushless, synchronous AC motor either uses permanent magnets and a frequency regulated AC converter, or is a hybrid between a brushless DC motor and a synchronous motor, which would use brushes to transfer the electricity to the rotor if both the rotor and strator are powered.
You would want to get rid of the permanent magnets, but the brushes are still a problem. Although they're "fixed", in that they always connect to the same wire, so there are no gaps that increase wear, or overlaps that decrease efficiency.