That's a pretty good and thorough explanation, 'Cat.
The way I think of it is this: Start with a theoretical closed system – with no aerodynamic resistance, no rolling resistance, frictionless bearings, and a perfectly efficient motor/generator – in that scenario, a vehicle could start and stop indefinitely using regenerative braking, as well as going up and down hills. Now you add all those things back in, and you've got constant energy loss as long as a vehicle is moving, but not a massive amount relative to the size of the vehicle. The big advantage of regenerative braking is in frequent stop and go operation, because instead of a constant cycle of burning gas to accelerate and then converting that kinetic energy to wasted heat via the brakes, you can recover much of it by turning a generator. That also translates to going up and down hills, but in either case the frictional losses are constant. Fortunately, for a aerodynamic vehicle with high-efficiency this and low rolling resistance that, it really doesn't take a lot of power just to cruise down the road, and the demands of acceleration are brief and easily handled.
Now consider a snowmobile. They're not as efficient as a wheeled vehicle even under the best of circumstances because the track introduces so much friction in and of itself. The longer the track and the bigger the paddle, the greater the loss – I think I read somewhere that at speed a free-spinning mountain track takes up 40-50 HP on its own. So you've got significant losses before you add in the snow. With snow, especially deep snow, you lose a lot of energy just to plowing through it – it's like a constant braking force. Then it gets worse, because to drive you forward, you have to displace a lot of snow with the track, and a significant amount of that snow doesn't contribute to pushing you forward. A snowmobile, especially a mountain sled in deep snow, is a very power-hungry machine from a friction standpoint.
That's where electric power is at such a disadvantage. The drive system itself has great power-to-weight, but the storage (batteries versus gasoline) is terribly lop-sided. Gas has around 47 mega-joules per KG, a li-ion battery has 0.3. Gas has 150 times the energy per weight. It does get better when you factor in the efficiency of an electric motor compared with an internal-combustion engine, but gas still has roughly 50 times the energy per weight when corrected for that. So, to have any range at all, you have to weigh things down with a ton of batteries. It's not as big a deal with a car because there's so much less friction. On a sled though, you have such a huge amount of power being taken by frictional losses – losses that get worse the more weight you add – that the current battery technology seems to be a non-starter for many applications. The gains from regenerative braking are largely swamped by the frictional losses; wild guess, but just going straight up a slope and back down, you'd probably get back 30% of what you just burned, and that's the best-case riding scenario. As with electric cars, more so really, you keep coming back to the problem of the battery. And that's before you consider the already-strained natural resources required to make a li-ion battery. So, an electric sled might make sense here and there, but don't get too excited unless you see some significant battery breakthroughs.