nbucksa was right as usual. Since his comments were brief, I would like emphasize his implied but unstated point... that there is no reversal of leads or rotation when a syncronous (or induction) machine is switched between motor and generator operation.
xnuke - there are no rotor mods required to operate an induction motor as a generator. As rhatcher said... the excitation is supplied to the rotor through the air gap.
If you draw the motor torque speed curve, you'll see it hits zero as slip goes to zero. Well... the machine torque speed curve does not stop there... it extends straight through zero with the same slope. If slip is negative (speed greater than syncronous), then Torque becomes "negative". Since the Torque reverses direction (compared to motor mode) but the direction of rotation does not change rotation, it should be easy to see that the direction of mechanical power flow (P = torque*Speed*2PI)changes from motor mode to generator mode.
The way I look at induction motor and induction generator are the same:
The stator field behaves like permanent magnet rotating at 3600 rpm.
If rotor is rotating at syncrounous speed, then there is no relative motion between rotor and stator field => no rotor current induced.
As the rotor speed deviates from syncronous speed, the induced currents will be in such a direction to produce a torque which tries to reduce the relative motion. (in fact, if you introduce varying magnetic field to any shorted coil, a current will flow in attempt to oppose rate of change of flux, and resulting force is also in a direction to oppose rate of change of flux. Since the stator field is "dc" in it's own syncronous reference frame, just substitute "relative motion" for "rate of change of flux" to determine comparable behavior for motor).
If the rotor speed is below syncronous, the electromagnetic torque is in a direction to decrease relative motion which is a direction to speed up the rotor. Since electromagnetic torque is in the same direction of rotor rotation, the electromagnetic torque is delivering power TO the rotor/shaft.
If the rotor speed is above syncronous, the electromagnetic torque is in a direction to decrease relative motion which is a direction to decrease speed of the rotor. Since electromagnetic torque is in the same opposite direction of rotor rotation, the em torque is taking power FROM the rotor/shaft.