You are not getting it wrong! This is a problem with lightly loaded series wound motors.'
http://en.wikipedia.org/wiki/DC_motor#Series_connection
I'm not an expert on this, but my understanding is that as long as there is an adequate load, the motor cannot overspeed because as the speed increases, the torque of the motor reduces. For any load there will be an equilibrium speed where, if the speed increases slightly, the emf increases, reduces the current and torque, so the motor slows down. Even though the reduced field would allow a higher speed for the same emf, the motor cannot accelerate the load to reach this point.
At any given operating point the motor is not unstable because the feedback, described in the runaway scenario, is not positive: the torque is still decreasing with speed. The danger comes when the load drops too low (typically a break in the transmission decouples the load) and the equilibrium point is now at too high a speed for the motor to tolerate.
The torque speed characteristic is non linear. At low speeds the torque drops rapidly with increasing speed leading to stable operating points, but at higher speeds it is less stable because torque falls slowly with large increases in speed.