I have the same mower / same problem.
On my mower it's caused by a spring that regulates the engine speed. The spring has lost all of its 'spring' and isn't doing its job properly. I tried to shorten it to give it a bit more spring and that worked for a while, but the spring is so short now that there's no adjustment left.
If you take the top plastic cover off the engine, then remove the air filter assembly the offending spring is underneath. You can't miss it.
Run the mower without the air filter fitted and you will see the little regulator arm swinging backwards and forwards in step with the engine revs. The spring is supposed to open the throttle a little more when the rotor shaft is under load and slowing down.
With a slack spring, the engine constantly goes from high revs to almost stalling then back again. I assume that this sounds like the problem you're having
Now that I have found the problem, my next challenge is to find a replacement. I usually find things in less than 30 minutes with google, but I've already spent about an hour and no luck so far. If you find one please let me know.
walker-14, September 2011