Re: Cavitation? what are some possible symptoms?
You're right that 'cavitation' is used loosely where another term might be better, but propeller theory hasn't advanced much in understanding problems with reentry, or 'sucking air', the problems are too hard to formulate mathematically. By cavitation we understand well enough that the water boils locally on the low pressure side of the blade (not merely on the trailing edge), forming bubbles that collapse. That happens when the velocity over the blade is so high that the pressure drops to the vaporization point (Bernoulli equation). We colloquially' say that a prop 'cavitates' if the prop 'slips', spins at high RPM when planning off, and then 'catches'. This is loose terminology and it's probably true that this differs from cavitation, so the word ventilation was introduced. It's easy to understand qualitatively how a fully submerged prop works from hydrofoil theory, but surfacing props and 'ventilation', are not well understood mathematically. Then there's the term 'supercavitation' in the older literature (ca. 1960) in early attempts to understand surfacing props.
Added later: Have checked via google, it seems that both 'ventilation' and 'supercavitation' have become standard technical terms in recent years (my propeller theory studies date to ca. 1980). Here's a recent quasi-technical but fairly qualitative article:
www.smbf.info/smbf/tech/527_2.PDF
The author writes down the Navier-Stokes equations (physics of fluid flow) but only uses them to identify the various dimensionless numbers of interest in describing different flow regimes (Reynolds number, Froude nr., and so on). I think it's about as nontechnical and fairly informative an article as you may find. There's no theory of prop performance in the article, most of what's described is quasi-empirical. Most of what we know in practice comes from trial and error, and that's where racing has contributed enormously to our knowledge.
Just to back up what Chris is saying, you are describing Ventilation. Cavitation is extreme low pressure on the trailing edge causing the water to literally boil and resulting in pitting on the blade.