Hi Everyone,
You guys have a much more sophisticated understanding of electricity than I, so I won't try to add to this discussion. Regarding mechanical governors however, I can add a bit (electronic governors are beyond my experience). This info is from a 1950's Detroit Diesel Operator's Manual. There are three basic types of mechanical governors. All of them rely on spinning weights that adjust the fuel rack to try to maintain the engine speed within limits.
The Limiting Speed Governor just limits the idle speed and maximum speed. It has two sets of weights, one for high speed and one for low speed. They were used on trucks, etc. to maintain idle and prevent over-revving while allowing infinite control between for acceleration.
The Variable Speed Governor was used on tractors, graders, etc. I believe this is the type used on Listeroids. It is purely mechanical and is designed to maintain a given set speed, and adjust that speed by adjusting the fuel rack when the rpm drops or increases. As others have mentioned, it is not terrible sensitive to change, at least compared to the last one.
The Hydraulic Governor is (as its' name implies) dependant on oil pressure change to advance or retract the fuel rack, depending on rpm. It is much more sensitive to "speed droop" than the others, and is preferred for applications where that affects performance, such as sawmills and generators. It is also more complicated and precise, which is likely the reason it isn't found on Listeroids.
I would suppose that electronic governors are the best for limiting speed droop, but putting one on a Listeroid might be like adding a computer to a Model T - possible perhaps, but maybe beyond the purpose of its' existance? Regarding checking the frequency and voltage of generated electricity, as many of you already know, the Killawatt is an extremely useful electronic method of checking how clean your power is. I used it to set the frequency of my power and others have said it is likely more accurate than many meters, certainly the ones that come on the ST gen heads.
Ray