The basic physics of a slow-wave electron cyclotron maser (ECM) operating in the Cherenkov regime is considered. This device has the advantage over fast-wave ECM's in that it can be operated with direct axial injection of the electron beam, thus allowing for better control over beam quality and a potentially more compact design. The nonlinear evolution and saturation of the instability are studied using computer simulation. It is shown that high efficiency is attainable and, furthermore, that beam momentum spread is better tolerated in the Doppler-shift-dominated regime than is the case for a fast-wave ECM.