No regrets means a couple things to me: first, living in such a way that you have no reason to regret the choices you've made.
Secondly, it can mean not regretting the decisions we have already made. If we are perfect in the first, the second follows naturally. Both definitions can be good rules for life.
But if we fail in the first (as we all will), the second meaning can have several different implications. It might mean never regretting what we've done, even if we were in the wrong. It is a position of pride. Alternately, we can view it as a learning experience, substituting regret with repentance and moving forward with our lives, knowing we can't change the past. It is a position of acceptance, from which, we are able to grow.