Because propeller blades are fixed once they are manufactured, early airplanes required a tradeoff between climb performance and cruise performance. But with the invention of the propeller governor and constant-speed propeller systems, that tradeoff no longer had to be made. Constant speed propellers allow the pilot to optimize performance by setting a desired rpm. The system then changes the blade angle constantly to ensure that rpm value is met.
To properly preflight the governor, put the propeller toward the feature position three times on the first flight of the day. This ensures the oil is warm enough to operate the governor, and it gives you a chance to check manifold pressure (increase), rpm (decrease), and oil pressure (decrease) during the test. The propeller should respond to the change within just a couple of seconds. If not, have a mechanic check it out.
If the governor loses oil pressure, its natural state is to allow blades to go to low or flat pitch in a single-engine aircraft. This mitigates stress on the engine that would result from a feathered condition. The downside of this is that the propeller could overspeed, or go to a very high rpm. If you notice unusual rpm changes, or a rapidly climbing rpm, bring the power back quickly to avoid an overspeed. A multiengine aircraft that loses governor oil will feather the propeller.