Think of it this way - the lower your regen is, the better the flat rate is over a percentage.
Say if you have +10/s regen, adding a +10 regen item is effectively +100% regen, and using a 70% regen item in this case would only give you a +7.
But, if you have +20/s, adding +10 is only a 50% regen bonus, while a 70% regen item adds +14.
So the higher your base regen is, the more effective a percetage boost becomes over a flat value. The exact point at which a percentage becomes better would depend on a bunch of things (level, build, and whether it uses base regen or modified regen which I'm not sure about).