The subfilter-scale (SFS) physics of regularization models are investigated to understand the regularizations' performance as SFS models. Suppression of spectrally local SFS interactions and conservation of small-scale circulation in the Lagrangian-averaged Navier-Stokes α-model (LANS-α) is found to lead to the formation of rigid bodies. These contaminate the superfilter-scale energy spectrum with a scaling that approaches k +1 as the SFS spectra is resolved. The Clark-α and Leray-α models, truncations of LANS-α, do not conserve small-scale circulation and do not develop rigid bodies. LANS-α, however, is closest to Navier-Stokes in intermittency properties. All three models are found to be stable at high Reynolds number. Differences between...