On the SOTA, it IS a magnet but that is one half of the device called a Hall Sensor, used in many vintage DD turntables, like my Kenwood L07D, and by Phoenix Engineering which designed the speed control system used in the SOTA Eclipse. I agree that an AC regenerator would be redundant in the SOTA Eclipse system, because that job is done already by the power supply that is part of the Eclipse. However, if your turntable does not inherently regenerate AC, then an external regenerator might be of some benefit. At the very least, it will shield the other front end equipment from any noise in the form of EMI that might be put back into the AC supply for those other components by the motor itself.
Most TT motors draw less than 25W (which in a 120V system means less than ~0.2A), so I doubt that any conditioner (not a regenerator, but a conditioner that uses filters to remove hash from AC) suitable to work in an audio system would limit current draw by the TT motor. I would not put such a device on an amplifier, however, unless I knew it was rated to deliver a multiple of the steady state current draw of the amplifier.