Weird. My governer kicks in around 115 for my '01 sport.
Don't you have an Xcal2? The limiter speed has probably been raised in the tune.
Anyone care to explain exactly what happens while the governer is in action? Always wondered myself
The speed limiter on earlier fuel-injected Fords simply cut the fuel to all of the injectors simultaneously at the speed limiter's set speed. The speed then dropped by some calibrated hysteresis value, 3 MPH for example, and then the PCM cut them all back in again. The speed sensor operation was rather violent because it went from full off to full on - in fact, if you weren't expecting it, it would scare the hell out of you. It also sent giant slugs of air alternating with giant slugs of enriched fuel laden exhaust into the exhaust system. This created tremendous heat in the catalytic converters and could melt them if the driver could stand to let the violent bucking continue for very long.
In recent years, Ford has used a much more sophisticated speed limiter. Properly calibrated, it feels to the driver like the acceleration just levels off smoothly.
To achieve this, power is reduced in 3 stages. First, the spark is retarded, lowering power. At the same time, fuel is cut at one of the fuel injectors and the rest of the cylinders' mixtures are leaned out slightly to lower power and cool the cats. The cylinder without fuel is shifted from one location to another to prevent the engine from developing cold or hot spots. This is called "Round Robin" cylinder disablement. If cutting one cylinder will not stop the acceleration, a second cylinder is disabled at a slightly higher speed and then a third at a slightly higher speed than that, if necessary. (This is on a six cylinder engine, four cylinder trucks only cut out two). Again, this is done in a Round Robin fashion to equalize the heat in the cylinders, heads and exhaust manifolds.
Obviously, when you are actually driving near the speed limiter's set point, your foot is well into the throttle, primarily to overcome aerodynamic drag. Cut out two or three cylinders and the engine cannot push the vehicle faster than the computer will allow.