I gave up after no one replied and started searching threads on Google. I'm actually finding myself doing this more often these days as a lot of my recent posts on here have been ignored.
Anyway, here is a good explanation of how each governor works and what it does. I'm not sure about smartass and interactiveX, though.
ondemand
Available in most kernels, and the default governor in most kernels. When the CPU load reaches a certain point (see "up threshold" in Advanced Settings), ondemand will rapidly scale the CPU up to meet demand, then gradually scale the CPU down when it isn't needed. - SetCPU website
conservative
Available in some kernels. It is similar to the ondemand governor, but will scale the CPU up more gradually to better fit demand. Conservative provides a less responsive experience than ondemand, but can save battery. - SetCPU website
performance
Available in most kernels. It will keep the CPU running at the "max" set value at all times. This is a bit more efficient than simply setting "max" and "min" to the same value and using ondemand because the system will not waste resources scanning for the CPU load. This governor is recommended for stable benchmarking. - SetCPU website
powersave
Available in some kernels. It will keep the CPU running at the "min" set value at all times. - SetCPU website
userspace
A method for controlling the CPU speed that isn't currently used by SetCPU. For best results, do not use the userspace governor. - SetCPU website
Interactive
The 'interactive' governor has a different approach. Instead of sampling the cpu
at a specified rate, the governor will scale the cpu frequency up when coming
out of idle. When the cpu comes out of idle, a timer is configured to fire
within 1-2 ticks. If the cpu is 100% busy from exiting idle to when the timer
fires then we assume the cpu is underpowered and ramp to MAX speed.
If the cpu was not 100% busy, then the governor evaluates the cpu load over the
last 'min_sample_rate' (default 50000 uS) to determine the cpu speed to ramp down
to.