Cavitation
Cavitation, (which is often confused with ventilation), is a phenoma of water vaporizing or "boiling" due to the extreme reduction of pressure on the back of the propeller blade. Many propellers partially cavitate during normal operation, but excessive cavitation can result in physical damage to the propeller's blade surface due to the collapse of microscopic bubbles on the blade. There may be numerous causes of cavitation such as incorrect matching of propeller style to application, incorrect pitch, physical damage to the blade edges, etc...

Cup
Small radius of curvature located on the trailing edge of the blade. This curved lip on the propeller allows it to get a better bite on the water. This results in reduced ventilation, slipping, and allows for a better hole shot in many cases.