I noticed that through my browser console I was able to view the source code for the SuiteScript API. Each API funciton had a function call within in that looked like: nsapiLogUsage( 'nlapiLoadRecord', type ).
When I removed this, and inserted the entire function into my own script, and then called the function, governance units no longer mattered. My code executed on, and on, and on, with no restrictions. I am currently writing a scrip that will execute against 300k records, so governance units have been a huge issue to deal with.
Are governance units in place only to keep long running code from executing, or are there more serious consequences to not having governanc units?