It seems that most cameras do keep the circuit closed the whole time. Generally, this should not be a problem, and not every camera seems to do this (I beleive it was a Fuji that didn't, but don't quote me on that). Just because the camera keeps the circuit closed, does not mean the flash cannot recycle.
Also, most camera companies define the maximum voltage allowed through the sync circuit. This does not ever seem to be below 6VDC, and most current DSLR's allow 240VDC. This can typically be found in the manual in the "notes" section on the page discussing the hotshoe and/or PC terminal or in the specifications page.
I imagine rear curtain sync is electronically timed, but I don't know for sure.
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